In one of the more bizarre trading sessions of late, new contract highs were scored in corn, soybeans, soymeal, cattle, and hogs, and yet only soyoil ended the day higher. The trading range in March soybeans alone was a very wide 67.5 cents, or roughly 4 percent of the contract value. As one market analyst put it, this “rally is crazy.”  It was as if traders were trying to figure out which new fundamental input to follow. The session opened with follow-on buying from yesterday and the overnight session. The USDA Export Sales report was a bit bearish, though not scarily so. Wheat sales remain sluggish, corn and soybean sales were unimpressive but not too far off expectations. 

The seemingly more bullish news was B...