Huge inspections Monday morning for export fuel beans and corn going into the Tuesday WASDE report. Positions cleaning up favored the long as well, as open interest shows us this wasn't really new longs. 563 3/4 corn close is 15 1/4 higher, but only 3K increase on OI. Beans rally 21 to 1387 3/4 with $6 stronger meal, but bean OI drops 4K. Wheat up 14 1/2 to 655 3/4 with a 7K drop in OI. Rice closes 1297, minus 3 with roll volume and someone buying 70 upside may calls. Just glad to see some options volume come back to rice. Speaking of volume, there were various reports about bean call verticals around, but CME show it was the may 17-18 vertical trading 8-9K times, financed by 15$ march calls. Someone has 20,000 of them now. Long term play, but in line with some of the stuff they did in rice last year to fuel the bull later in the years run. 2012 high was 17.89. Dow up 226 to 31,268, and bonds bounce a point off the low to close 167.04, plus 14.
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