Markets are trying to take a breather from the super rally. We are also hearing another round of "bear" talk, most of which is garbage. Here are some of the bear stories:

China was canceling some corn and soybean purchases and taking the profits. Our view is that China is smarter than that. You don't sell what you can't replace if you are a user. We have rationed demand already. Our view is that we haven't started to ration demand to the necessary extent. This is especially true if you think crops are still getting smaller, not bigger. Weather shows better chances of rain in the extended models. This isn't necessarily true. Even if it were, it means it could rain on 1 August. How much good w...