Monday

Russia corridor looks to be a growing and real issue moving forward, as well as issues with Ukraine wheat being rejected in Europe for excess and illegal pesticide residue.  I think until the conflict is resolved you have to reduce or eliminate for all practical purposes any real amounts of grain exports out of Ukraine, and 1 missile into a Russia vessel could plug that hole as well and global excess wheat becomes global fear of food overnight.  Monday wheat up another 14 to 696 1/4, but keep in mind that's still under 7 bucks.  wouldn't want to pick a top in that market even though I believe it is the worst written contract.  Corn up 10 1/4 to 676 1/2 on a big drop in May open interest going into options expiration and in front of May deliveries position squaring.  Rice probes 17 dollars before a rebound to 1733, off 5 1/2.  Another options story where Friday settlements are already in focus.  1517 beans are 16 1/2 higher and looking at the big 1520 strike open interest.  Same story different grain.  Dow up 92 points, 34,129 and bonds lose 31 tics, 129.24.  Public talk that the Fed might need to adjust their high side of acceptable inflation is the big story but we need to give it some time to flesh out.