Monday

Post Christmas trade Monday Has the Jan delivery month trades soft, as everyone gets positioned for month end, year end, and deliveries.  Bottom fell out of the rice spread and Jan broke 28 1/2 to 1199 1/2.  We have reset to March for cash pricing, off 14 and fishing the lows of the range for now.  Its nice to see Jan rice OI down to 566 already, so expect little to no more real fireworks there.  Beans shaved 20K off OI as Jan trade was mostly straight liquidation and beans fell to 1255 1 /4, off 8 1/4, and really not a bad settle given how much of the trade was liquidation.  Wheat dropped 12 3/4 to 6144 1/4, but its wheat, so?  Corn started lower but found bids all day, supported by more exports to China presumably,456 1/2, up 5 1/2.   Everyone wants to see how 460 acts.  Bonds had a nothing day and closed unchanged, 172.24, and Dow continued its melt up churn trade, 30,305, plus 196.  Cheap money makes for strong Dow.