It seems as if analysts at DTN Premium Service providers are rubbing their eyes as they look at the quote screens -- right along with the rest of us -- as they try to make sense of this week's rally.

Here's a sampling from comments posted in the last couple of days, in no particular order.

"Ccrop condition ratings are also incorporated into the yield estimate and there is a strong correlation between NASS's August soy yields and crop condition ratings at the start of the month. Historically a strong yr/yr decline in Aug 1 yields have occurred when US Gd/Ex condition ratings have fallen below 60 percent, while an increase in Aug yields has occurred alongside an increase in Aug 1 condition ratings. The US soybean crop was rated as 67 percent Gd/Ex on Monday, which is 7 pts above the 10-yr avg and the second highest rated crop in the last decade. The July soy yield of 42.9 bpa was record large, so even a 1 bpa decline in the Aug report would still produce a record large Aug yield estimate. Unless there is a major change in crop conditions over the next week, a record or near record Aug yield can be expected.

"Cash [corn] Gulf market has 'no-bid' until the last half of September. Many interior markets are also 'out' and waiting for new crop to blend. This is not an end-user demand driven market. Having said that, it will take a yield over 163 to be bearish. A Reuter's poll of traders pegged the yield at 163.8. All of Allendale models and studies still suggest a +163 yield. For that reason, we view this rally as a sell."

"Elevators out west are piling wheat on the ground because they don't have the space for it, nor can they ship it out. It is very rare to see a grain market rally $2 and not see spread go inverted (front month contracts worth more than deferred contracts). The basis is very wide, and the market is paying the trade to store it for at least a year. If the end-user was that concerned about not having wheat, we believe basis and spreads would be a lot tighter. ... The long-term trend lower remains intact. An extended push below 425 Sept will clear the path for our long term objective of 284-295."

"While the U.S. Midwest is blessed with a favorable weather outlook into mid-August, the same cannot be said for the US Delta as temps will soar above 100 degrees with little chance for needed rainfall, per the near term and extended maps. That said, 'beat up' bears will say the additional bushels that could be added to the Midwest crop, should conditions remain favorable throughout Aug, will dwarf assumed Delta production losses."

"We're encouraged that the [soybean] market continues to move higher, however, we all know that the bean market can rapidly fall apart. Therefore, with what appears to be a very good looking crop on hand and as long as crop ratings remain high, be prepared to reward this rally. If behind on sales, make catch-up sales. We believe the market is poised to rapidly fall apart if weather changes elsewhere in the world and liquidation occurs."

"The early soybeans are turning [in the South] and harvest will soon begin. They are going to plant wheat in the south with best seed varieties already being called tight. It may be the worst drought in 150 years in Russia, but there is no global shortage of wheat. ... Odds are increasing that big U.S. crops are factored into the market. That idea would be tested by a bearish August crop report that the market responds positively to. USDA yield estimates are likely to be increased from pre-survey working numbers because of high crop ratings, but everyone is aware of that. Odds are not high that yields will be shockingly good with big upward revisions. Corn Belt conditions were likely too wet for that but then again, this is how surprises are created. The 2010 crop will not be all that it could have been, but that can be said of most every other year."