Credit Suisse announced this week that it will exit its commodity trading business after reporting a second quarter loss of $779 million, much of which is allegedly attributable to the $2.6 billion settlement with the U.S. government.

Tomorrow is the final day of the 2014 Tour de France with today's stage again run in almost a constant rain. This has been the case nearly every day of the race, which we noted early in the event. This continuous rainfall has to have caused some loss of quality on mature crops waiting to be harvested. Some estimates have already downgraded up to a third of the French wheat crop to feed. France did not offer in Egypt's last tender. So far, the wheat market has not reacted. The quality of the U.S. hard red w...