Monday

Monday opened with May options off the board and we reset lower in the grain room.  Corn off a dozen, 651 1/4 with talk of a few china corn cargoes cancelled.  New crop held up well and those old crop bull spreads need fed every day.  643 1/2 wheat is off 18 1/4 with rain finally making the forecast.  Feed wheat a competitor to corn now for sure.  Beans trade 1465 1/4, off 18 1/4.  Just last week we were hitting against the 1520 options strike.  Another reason to recognize how important options positions can be to the stability or instability of a future.  Rice picks up 2 1/2 cents, 1694 but all on the strength of July and carry in the spread.  We have round tripped from 30 under to 40 over to now nearly 40 under.  Keeping a position in old crop has been expensive for some and now with open interest so low, we could have outsized moves with small events moving forward.   Dow up 51 points late, 34,001 while bonds gain 27 tics, 130.24.