Some traders believe the South American dryness is built into the market, analyst says.
Russia may export less wheat, providing some underlying support, analyst says.
The market remains sensitive to Brazil and Argentina’s crop weather.
The cash cattle market has caught up with futures, and now traders are taking a wait-and-see attitude over beef prices.
This week’s rally is being credited to traders that were oversold headed into the Tuesday report, combined with lower, not higher yields, analyst says.
The key reversal from an overbought technical condition could be a sign of a short-term peak, analyst says.