Monday

Soft was the best way to describe Monday trade.  Wheat came out looking ok but dropped 25 cents from the highs to 672 3/4, off 5 1/2.    That action doesn't help the chart or other grain bulls.  Corn off 2 3/4 to 443 1/2 and OI going up again as it appears the funds are going to put back on the big short, but spread squeezing with their roll should give them pause.  Meal back under $360 and beans off 20 1/2 cents, 1184 1/2.  Rice drops another 17 to 1750 and open interest is down to 8500 as the longs are leaving, not rolling.  Dow had a 600-point roller-coaster and closed off 135 points, 38,656 and bonds gained a point and 17 tics, 117.15.