Crop markets still are not breaking completely free from their bearish bonds. Outside the crop sector, it's different. Cattle are breaking loose in a full-fledged bull run. Deferred hog futures are posting strong, profitable prices. And outside agriculture, it's dramatically different.
Energy markets are wild, with natural gas setting new all-time highs last week.
The vigor in the meat and energy markets is a sign that someday, crop markets will follow. The fundamentals in the background are adding to that firm foundation, as global production is not keeping pace with global demand growth. The projected global wheat ending stocks to use ratio is the lowest in modern times. Someday, somewhere in the world, the inventory of a certain type of grain or oilseed will become dangerously low. Maybe it'll be caused by a weather problem somewhere, or by a political decision.