I'll call it a correction. Corn's done and dusted, might fill out a bit with some moisture but yields will stay terrible. Beans still have a bit of time up their sleaves but going to need a decent whack of rain to get yields back to respectable levels that would cause a genuine selling event.
Then we've got the Black Sea dryness story unfolding and the ghost of potential Russian export tarrifs (whether real or perceived).
Finally, we've got early talk of an el nino event in Oz.
I'll stick my neck out and say this correction was merely funds taking profits on some very, very profitable length they held and that the next rally will generate a higher high.
