The CBOT’s weather- and Black Sea-conflict induced rally took a break on Thursday with traders reassessing both global export market conditions and the U.S. weather forecast. There is a growing sense that the immediate impacts of the Black Sea grain export corridor’s expiration have been priced into markets, which has given way to a bit of profit taking and “top picking”. U.S. farmers have been active hedgers and marketers on the rally, which helped keep today’s price action somewhat subdued. At the same time, the U.S. weather forecast is only deteriorating further in terms of the summer crop yield outlook and the price risk posed by the yield-reduction potential has signifcant upside. WPI would be unsurprised...