Highlights
Expectation of an event will move the market more than confirmation of the event.
Yesterday, the market was trading a corn yield of 182 (USDA 181) bushels and a bean yield of 54 (USDA 52) bushels and a perfect weather forecast.
The market expected both crops to gain 1% in the good or excellent categories on yesterday’s crop ratings.
The market also traded a Trump presidency and that will cause a trade war with China.
If all those things happen, those events will be priced-in long before we know they happened.