Monday

Monday opened soft with funds selling as we get nearer to harvest and their calendar says they can get away with the short side for a bit.  Pretty decent bounce from the lows by the end of the day.  Beans took it the worst, 1494, off 41 cents, but that was 30 off the lows.  Corn a dime off the lows at the close, 626 3/4, and wheat off only 5 1/4 to 800 3/4.  Rice slipped 8 in a quiet spread roll day, 1707 1/2, and the roll and some flat price longs will have to make a decision over the next two weeks going into deliveries with 1000 receipts still out there.  I would note that some are being cancelled and I expect that to continue, just worried that we will still have plenty on Sept 1.  Dow looked lower trying to retrace some of Fridays big rally and recovered to 33,873, plus 155 points.  Bonds gained another 30 tics, 141.17.