Market psychology has to be one of the most intriguing parts of this job. When you're entrenched in a bearish market it feels like nothing could possibly change sentiment and everything you read is bearish.

And then one day you realize the bearish headlines are all priced in

Of course the same in true on the flip side.

Sentiment changes like a pot of water comes to a boil. Little tiny bubbles at first.

I'll admit I was in complete denial this thing would explode to the level it did, too used to what we've been working through the last 6 or so years for one. Still somewhat traumatized by how quickly the market kicked our butts at the start of the year and the angst it created...

but to completely ignore the little bubbles that are starting to show in corn especially (slow export shipments, ethanol struggles, feeders questioning what their next steps will be) is a little dangerous.

While beans may have support, we are not running out of grains.

logistical struggles can create short term supply and demand squeezes that make it feel like we're running out, but eventually bushels get from where they are to where they need to be....

so anyway, happy Tuesday!