Monday

Monday trade relatively firm out of the box with crude oil production cuts and what will ultimately be Russia nationalizing their grain system.  Nothing big blew up so Dow was risk on, 33,786, plus 326 points while bonds gained 25 tics, 131.30 and nearing the upper part of the range trade.  Corn and wheat both firm early but leaked thru the day with corn off 2 3/4 to end the day 657 3/4, while wheat stayed above water, 693 1/2, up 1 1/4.  Beans continued upward, 1522, plus 16 1/2. Air getting thinner up here for soy.   Rice sell system is still at play and I'm guessing the last of the freed up cash rice is finding a home, 1708, down another 33 1/2.  Options positions should help us find a base in rice pretty soon.