Monday

After a dead Friday in the financials the Dow found footing Monday for a 261-point gain, 39,844 and bonds picked up 7 tics, 120 even.  Options expiration brought different reactions in the grain room.  Corn commitments had the funds reduce their short position, which caught me off guard but there is a divergence between the futures only and futures and options number which I would expect to be cleaned up next Friday.  After a break to 425 we recovered to 433 1/2, still of 1 1/2.  Wheat lost another 9 cents, 552 1/2.  Indias wheat and rice policies could change very soon if global wheat stays at these levels.  Strong meal with funds long 100K and adding help support soy, 1175 1/2, plus 14 3/4.  July rice up 31 1/2 to 1851 1/2 but July open interest down to 800 and no reason for most to be at that casino.