Monday

Monday trade had financials leading everything lower, with the Dow off 473 points, 33,986, and switching to March bonds, off 31 tics, 128.26.  Australia and Russia wheat crop are big and getting bigger, dragging wheat down another 22 cents, 739.  Funds are getting biggly short at the CBOT, but so far they are winning.  Corn following and ethanol soft, 640 1/2, minus 5 3/4.  With basis so strong I'm not in a big hurry to chase corn down here.  Beans looked higher on the back of meal getting silly strong but settled back to 1437 3/4, off 3/4.  Rice got pummeled for 60 cents to 1703 1/2.  Don't be in a hurry to catch the knife without looking at the recent charts.  We have been 75 cents cheaper just a month and a half ago.