Monday

Monday financials pretty benign with the Dow in a typical 400-point range, 39,480, off 160 points while bonds rally 13 tics, 123.10.  Taking fast money off the table for the grain room, WASDE threw a big curveball to the bean complex with an aggressive raise to yield as well as acres, resulting in a 17 1/2 cent drop in beans, 971 1/4.  I found corn and wheat numbers to be better than expected with wheat slipping 5 3/4 to 536 3/4 and corn off 6 1/2 cents, 383 1/4.  I can't see the computers imputing a much more bearish scenario to corn or wheat given what we got from the government so I expect some back and fill action but basing continues in wheat and should start in corn.  If the funds want, they can take another 50 cents out of beans, but I don't see much more and I don't see that sticking past harvest.   Rice lost 30 cents, 1453 and I didn't really get anything bearish or bullish out of the report, but the combines are running.