Monday

Monday trade all about rolling out of March positions in front of First notice and unwinding some positions acquired from options expiration.   Switching to May for grain futures as we are now in delivery for March.  May wheat off another 11 3/4 to 710.  Been a bloody break for the wheat bulls.  Corn down 5 3/4 to 643 1/2.  Beans off 6 1/2 as well, 1512 3/4.  Only bright spot is rice where the bear seller ran out of steam and this lower price point is probably moving some inventory into the export market.  I would note river freight is the cheapest its been this whole year.  May closes up 34 1/2 cents, 1737 1/2.  Dow trying to establish this as a new area to churn, 32,909, up 83 points while bonds pick up 11 tics, 124.07.