When the close is not too far off the open, the trading range is small and the volume is light, the price must be right. Markets continued their quotidian march generally lower but in a modest way.  

This no doubt reflects a weather forecast that spells recovery from an otherwise dismal July situation. Farmers everywhere elsewhere in the world wishing for a summer-long U.S. drought had hopes for higher prices dashed. Two troughs on each side of the Midwest and a disintegrating ridge in between is cooking up some rain. This is especially helping the eastern side of the Corn Belt, but a new wave of showers will also hit the Northern Plains and the southern Corn Belt. The bonus is cooler temperatures.  Farmer confidence is o...