The markets firmed up overnight following yesterday’s sell-off. The latter was generated by too many analysts trying to pick apart the administration’s latest confusing proposal to send more money to farmers because of the trade problem with China. None of that has anything to do with the fact that U.S. corn and soybean planting delays have now reached historic levels nor the weather outlook that is still wet and cool for at least another week.

The market went back to trading that weather and reduced production prospects today, especially in the corn and wheat markets. It was a Friday before the first long holiday weekend of the summer in the U.S. (weekly crop progress numbers won’t be released until Tuesday afternoon)...