Monday

Strange trade Monday, as I guess should be expected as we get into full on holiday mode.  Wheat gives back all of Fridays gains to close 596 1/2, minus 18.  Russian export offers trying to get ahead of a new export tax in February.  Corn closes up 1/2 cent, 424, and that is with a few deliveries and Dec going off the board a little soft.  I saw some decent rains in SA and beans still gain 9 to 1169 1/2, even with meal soft most of the day.  Rice leaked a nickel to 1241 1/2 with spread roll being the feature yet again.  Its surprising how long its been since there has been any rice options action.  Funds don't want to gamble, and commercial knows there is enough inventory in farmer hands to keep his mills humming.  Exporter doesn't want to pay current river freights, and that doesn't help the long term prospects.  Moving to march in the Dow, we peeked at highs early but spent the rest of the day fading, 29,781, off 154 points and bonds looked lower but rallied back to close up one tic, 173.22.