Farmers who met with me back in February and March may recall that I said that there has never been a major rally occur without excessive pessimism. Look where the index shows where we were back at the end of February, first of March!
Now, back to today's excessive optimism. There is a lot of farmer buying now, but I would suspect that most of the buying is farmers exiting their short positions. To do so, they must buy. Eventually, through all the buying will end as the market will simply run out of buyers and the bears will again regain control. This could happen very soon.