Monday

Monday grain trade oppressed by a weak Dow, 32,161, off 648 points.  What caught my eye was bond trade, where we set new lows and rallied 2 full points from there to end the day 20 tics higher, 136.30.  Don't want to read too much into one day, but if some on the Fed have decided that a recession is necessary to shut down demand, than they could create that with money supply tightening, allowing the spreads to widen and not need to push interest rates as high.  Pure speculation from me.  That would also keep the deficit from widening as much due to interest payments, which would be a wise move.  Cleaning up their balance sheet should have been their first move, but doing that independently, if there was a hiccup, would be harder for them to save face.  Grains opened soft and leaked until about 11, then just a churn trade, which leads me to expect a Monday/Tuesday trade pattern today.  Beans off 36 3/4 to 1585 1/4 with both products soft, Wheat started strongest but faded to 1092 3/4, off 15 3/4.  Corn followed, 772, down 12 3/4.  Rice pushed down 14 1/2 to 1685 and spreads are widening with Sept getting bids, trying to buy the last acres back.