The only was up for Chicago crops, even
The thought of easy money, with its potential for spurring demand of raw materials, let alone nurturing inflation and debasing the dollar, kept many dollar-denominated commodities ahead.
Chicago grains did their bit too, threatening run-ins with their own 100-day moving averages, which are likely to offer stiff resistance to upward move (as with soybeans in the last session) but which, if broken through, may well spur a wave of further buying on the idea that momentum is behind the contracts.
And why not, when there is some fundamental logic behind this, as Scott Briggs at Australia & New Zealand Bank noted.
"We said late last year that there were a few key market needs for a 2012 bull market in ags," he said, these being weather problems, a return of exporters to the US, and a floor put under prices offered by the highly competitive Black Sea exporters.
"It is all coming together, slowly," Mr Briggs said, with weather an issue in Latin American, parts of the former Soviet Union and even France, with Union Invivo, the top exporter of French wheat, on Wednesday warning of potential downside from a mild winter in leaving crops vulnerable to spring frost or drought.
Russia's rising grain prices have been well documented, along with a slowdown in exports from Ukraine, where a poor start to autumn crops is prompting farmers to hoard last year's harvest, and Kazakhstan, stymied by its poor transport links to Black Sea ports.
And as for US exports, "we have started to see some good wheat and corn export numbers", Mr Briggs said, noting that it was significantly cheaper, even after the price recovery over the last month, for Chinese users to buy US rather than domestic corn.
Still "a good rain here or there" and the rally will fade, Mr Briggs said, estimating that the market was currently "pricing 50% probability of needing to demand ration, and 50% probability of prices plunging to marginal cost on a solid global growing season".
And, going back to US exports, the balance may be shifted later with the latest US weekly crop sale numbers, of which expectations are reasonably ambitious.
"China was an active buyer heading into this week's New Year holiday and soybean sales are expected to be large," Kim Rugel at Benson Quinn Commodities said.
"The delayed start to Brazilian beans harvest due to rains is also seen supportive to nearby US demand, with exportable quantities not a Brazilian ports as of yet."
Soybean exports are seen coming in at 700,000-850,000 tonnes, higher than was achieved for much of late 2011, if below the previous week's 991,000 tonnes.
Sure, not everything was going bulls' way, with the potential for significant rain at the close of the month in Argentina, where crops need it.
For the next five days, major weather models "all keep central, eastern and northern Argentina dry... and all of Paraguay and south eastern Brazil is dry as well", weather service WxRisk.com said.
But rain is due next Tuesday. As to how much, the GFS model forecasts "a band of moderate showers and thunderstorms across south central Argentina"
But the European model "develops significant rain across all of central eastern and northern Argentina".
More will be known with updated runs of the models later.
Still, the Argentine soybean crop "will have to see a sustained weather change in order for it to be completely out of the woods", Phillip Futures noted.
And March soybeans rose 0.6% to $12.20 ¾ a bushel, as of 08:50 GMT.
This was behind corn, which added 0.9% to $6.40 a bushel, continuing to feel too the pull from buoyant cash markets.
"Exporters and processors are waged in a bidding war for supplies, forcing grain prices higher," Phillip Futures said.
Wheat again topped the bill, up 1.0% at $6.47 ¾ a bushel.
Also as in the last session, the strength did not spread to New York and
The decline was seen by Mike Stevens, the veteran cotton watcher based in Louisiana, as a "long-overdue correction, that's all".
The loss of premium of the March contract to May "has definitely been a warning sign of loss of momentum", with a so-called "double top" chart signal, often a sign of weakness, representing another.
Still, might strong exports emerge to revive the market?
"Each of the last two times the March contract dipped below 95 cents a pound - January 9 and January 12 - significant export sales took place to China and Mexico," Mr Stevens said.
That could have happened again on Wednesday, "but we will have to wait for next week's export sales report to find out".