The wait for the northern half of the U.S. and all of Canada to finally warm up looks like it will continue for at least another two weeks and maybe longer. This week's widespread snow and temperatures 20 degrees Fahrenheit below normal are starting to cause Northern Plains farmers to lose some sleep. It has been interesting to read some of the market commentary floating around relative to the Northern Plains that make zero sense. Here are two examples:

One commentary said that the heavy snow pack across the Canadian prairies will cause significant flooding in the Red River Valley if it melts quickly. That is geographically impossible. The Canadian prairies watershed has no impact on the Red River Valley because th...