We must remember that the Climate Prediction Center (CPC) climate outlooks are based on an analysis of what appear to be the most likely long-term trends among the factors that influence actual weather. They are not forecasts, but are assessments.Markets are adapting by now, however slowly, to an incredibly successful year for world grain and oilseed production. Yield and production records have been set in various parts of the Northern Hemisphere, and the odds are increasing that some new records will be set in the Southern Hemisphere as well. Perhaps even more impressive than the new records have been the actual harvest results from regions where less than desirable weather conditions during growing seasons had led to expectations of dimi...