"Dear David, Do you consider selling (part of) your positions in rough rice / soybeans / corn / wheat? These commodities have seen some retracing or ranging this week, and the WASDE-report is due next Wednesday ("buy the rumour, sell the fact"). I also read that the net long positions by hedge funds(?) are quite high."

David Fuller's view I too have been wrestling with this question in the last few days, including saying in an Audio or two that I hoped this was not a case of 'buy the rumour, sell the fact', as we await Wednesday's final stocks estimate. From a short-term perspective, waiting on the market's reaction to a report is akin to a coin flip. And you are certainly correct in saying that speculative positions are "quite high", although not without good reason given last year's crop damage and resulting decline in reserve supply. That fundamental background and unfulfilled potential suggested by base formations have persuaded me to ride out this week's price slippage.