Monday

Monday brings in a new month, and a softer and gentler weather system.  Grains responded with weakness with Sept beans off 55 1/4 to 1432 and the products weak as well.  Rice closes 1666, off 22 1/2 and down to where it looks like cash will trade to the river.  Corn off 9 1/4 to 607 but with a decent bounce from early lows.  Same story in wheat, 800 1/4, off 7 1/2 but nearly 20 off the lows.  The first vessel of old corn shipped out of Ukraine to much fanfare, but the questions surrounding movements in the future aren't too rosy.  I'm thinking if I owned that vessel I'd be happy to participate in getting it out, but not to sure I'd send it back in.  To quote an old rice trader, "I don't want no cheese, just let me out of the trap."  Dow off 58 in a churn day, 32,767, and bonds gain another 22 tics, 144.22.