The grain markets price reactions on the heels of major USDA reports have become reasonably predictable. Any fresh bullish fundamental adjustment in the S&D balance sheet invariably energizes the market, but the price advance quickly subsides. Values the retrace to levels at or below where they were prior to the report. The markets response to USDA’s Nov crop reports fits reasonably well into that pattern. But the particulars of price and the fundamentals driving it have not been as uniformly bearish as such a general observation implies.