The market traded today on a little bit of what it knows, and a little bit on what it speculates to be happening. Since it is hard to believe that weeks of high heat and low moisture in the western periphery of the U.S. production belt will not have the same impact it had on crops earlier this year in Brazil, private forecasters putting lower output numbers in ink hold credence. By contrast, USDA is conservative and is unlikely to kill the crop in early August.  The market adds up suboptimal crops in the U.S., falling yields in Russia, quality concerns in Europe, and logistics hurdles in South America all running headlong into good global demand. But most of this is not new and so trading volume was light overnight and similar today e...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, China, North America, South America