Monday

Monday trade very much worth pondering as we may have set the lows for this grain move and the markets firmly bounced.  We will be switching to May in the grains moving forward and I see little reason for anyone to still be active in March.  This roll in contracts also points out the magnitude of carry in the roll.  We traded March corn down to new lows, 394 before bouncing and May corn settled 421 1/2, plus 8.  Not as exaggerated in soy but may soy gained 3 1/2 cents by the close, 1145 1/4.  May wheat up 5 3/4 to 574 3/4 and there is no carry in wheat.  I would note that is very unusual.  Lack of carry telling you a short position in wheat is quite risky down here.  May rice off 29 cents, 1864 1/2.  Financials pretty quiet with the Dow retracing Friday gains, 39,116, off 73 points and bonds off 15 tics, 118.19.