So much for Turnaround Tuesday. Farm commodities, which started off looked set to fulfil the Chicago adage of reversing Monday's trend, actually ended up extending it, and striking a surprisingly upbeat note.
Sure, there was enough around in the broader economic news to keep a lid on many risk assets, with Nicolas Sarkozy, the French president, and Angela Merkel, Germany's chancellor, failing to come up with much in the way of stabilising the eurozone debt crisis.
(Other, that is, than tax on financial transactions which went down badly with markets, sending shares in exchange operators such as NYSE Euronext lower.)
Germany disappointed on economic data too, with growth reaching all of 0.1% in the second quarter, compared with expectations of 0.5%.
"This is not good news given the fact that the German economy is supposed to be the stronger economy in Europe," Darrell Holaday at US grains broker Country Futures said.
It was perhaps little surprise that New York's Dow Jones Industrial Average
However, Chicago grains had help, brokers told Agrimoney.com, from official data showing that American
With talk of the early US spring wheat harvest coming up with disappointing results too, and with next week set to prove a hot on in southern areas wanting rain to improve conditions for the planting of the next winter wheat crop, futures in the grain put in a late rally.
Some foreign news helped a touch too, with US Commodities noting that "north west Argentina will have temperatures move into the 20s [Fahrenheit] and part of Brazil into the low 30s", chill which "could cause damage to the jointing and heading wheat".
While UkrAgroConsult lifted its forecast for the Ukraine grains harvest by more than 2m tonnes, it was to levels already covered by some other observers.
Chicago wheat for September closed up 1.7% at $7.24 ¾ a bushel, the best close for a spot contract in two months, with Minneapolis spring wheat adding 2.7% to $8.96 ¼ a bushel.
The grain spent much of the later trading above a bushel for the first time since June.
Kansas hard red winter wheat added a more modest 0.8% to $8.17 ½ a bushel, being neither the speculators' favourite (Chicago) nor facing the uncertainty of still being in the field (Minneapolis).
And European lots closed too early to exploit the price rise. Paris November wheat closed down 0.3% at E199.00 a tonne, and London wheat for the same month 0.2% lower at £164.50 a tonne.
Sure, the grain spent much of the day in negative territory, as investors sulked over crop data overnight which showed that the US crop had not deteriorated last week, as many had expected.
US Commodities said: "The crop ratings yesterday afternoon indicate the crop has stabilised. This brings up the debate if the government was too aggressive" on cuts last week to its corn yield forecast.
But, as two weeks ago, there were plenty of data doubts, given that grinding down to the state level showed declines in the ratings of top producing states such as Iowa, Missouri and Nebraska.
And talk of poor crops has not ceased, as Mike Mawdsley at Market 1 noted.
"We are still hearing talk about pollination issues, ear size - and it's universal, across the Corn Belt," he said.
Sentiment has been further by a dearth of rain in some areas it is needed.
"The lack of rain in central Illinois and central Indiana continues to get a lot of press and that is prompting buying on any price break," Country Futures' Mr Holaday said.
Soybeans for November ended down 1.75 cents at $13.49 ½ a bushel, after failing to cling on to the 50-day moving average at $13.52 a bushel, and failing to hit the 20-day at $13.56 ½ a bushel.
And in New York,
"It's all very spooky," the potential knock-on effects on the fibre of a eurozone failure, Keith Brown at Georgia-based broker Keith Brown & Co said, noting potential impacts such as a stronger dollar (making US exports less competitive) and disruption to trade between Europe and China, the top cotton buyer.
That made cotton something of a contrarian among soft commodities, which in general enjoyed an upbeat day, albeit in seasonally-depressed trading volumes.
Nick Penney at Sucden Financial noted that on Monday "the
Volumes were weak on Tuesday too, at about 55,000 lots in New York, down about one-third on normal levels. Still, what interest there was in buying, helping the October contract add 2.0% to 28.04 cents a pound.
(With wheat and soyoil, and it was, as of a week ago, among the only crops in which speculators hold short positions, official data show.)
"Coffee had another extra base hit it with values rising Monday and remaining firm," Jurgens Bauer at PitGuru said.
"Looking to see how 250 and 252 cents a pound get treated, with a settlement above there apt to attract speculative buying," he added, referring to the December lot which actually closed up 2.3% at 255.00 cents a pound.