Monday

No one wanted to trade Monday and it showed.  Surprised at the early strength with the amount of rain the country got.  Moving to September for the grains as July is well into deliveries.  Sept corn off 1/2 cent but a dime off highs. 488 with a nickel carry to Dec. Still a good showing to me.  121 Deliveries came out from Cargill after the close so we will see how the new receipts find their new owners.  641 3/4 Sept wheat off 9 1/4.  Beans continued the strength that sub 84 Mil acres will provide, 1377 1/2 in Sept, plus 22.  Sept had traded as high as 1412 and July set a new high early, 1616 but faded to 1562.  Still no deliveries in beans or meal, but meal just cant seem to get anything going.  Its early for meal demand but with Argy problems I wouldn't get too complacent that meal will stay the weaker leg of the crush much longer.   43 rice came out and most of the earlier delivered got cancelled, only 59 left outstanding.  CBOT July short still needs to source a million Bu.  Weather cancelled rice goes to the river or domestic mill, we are pretty much out of old crop rice so the early harvest rice might have a small window of extra premiums to refill pipelines.  Dow took a day nap, 34,637, minus 6 points and the bonds looked higher but couldn't make it stick, fading back to 9 lower at the end, 126.20.  Happy fourth!