Brazil is still dry, but we are getting moisture in most of the right places in the US over the weekend, and longs are looking to lock profits in front of the Wednesday WASDE report. Corn off 20 1/2 cents, 711 3/4, and wheat down harder, 730 1/2, minus 31 1/4. Front of beans held up best, 1587 1/2, off 2 1/4 with the meal holding as well. New crop beans off 19. Rice off 28 as the long doesn't defend, 1421. None of these grain drops had significant liquidation to go with the fall, so as of now this is a Monday, Tuesday type churn with a big mid week report as a kicker. Dow sets a new high and proceeds to fall 330 points to 34,668, off 18 points and an ugly close action. Bonds give up 14 tics as well, 157.17.
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