You apparently don't see physical fundamental support for these markets.
I see plenty of physical fundamental support for these markets. And I'm not saying there can't be corrections that aren't triggered by physical fundamentals at any given interval, but if the physical outlook is no different I see markets rebounding if they do.
You may be right in the end with your Fed, 'all one market' interpretation. But, I suspect you are setting aside too much evidence of an honest relationship between grain supply/demand/ES and the cash price. And an over reliance on the idea that everything economic is a 'zero sum' game within your definition of possible resolutions.
