Monday

Monday trade had an expected soft open and never really could get a bounce going.  The talk of relaxed bio fuel requirements is a nail in the coffin for now I'm afraid.   Corn off 25 1/4 to 659 1/4.   Wheat held up better, 674 1/4 after a solid bounce to be only 6 1/4 lower.  Rice got whacked for 34 1/2 to 1250 1/2 as the funds appear to be willing to get short if my read is correct.    Beans off 36 1/4 with wholesale July liquidation, 1472 1/4.    All for all, an ugly day in the grain room.   And the floor might be a fair amount lower than most think.  Be careful trying to catch this knife.   On to financials, in Sept from now forward, with Sept Dow off 82 points, 34,275, and bonds off 20 tics, 158.19.  Effectively just noise.