WASDE dropped Monday with surprises in most grains. Unexpected yield and acres drop in beans lead to a 76 point rip to the upside, 1488 1/4. Big 18K jump in open interest on the move. Interesting that meal and oil lost open interest. Unusual. Carry over down to 200 puts us pipeline tight. These are the numbers we have to trade for the next month, but I don't agree with them. Corn up 11 to 696. Wheat was a no change report and we leaked 10 3/4 lower on the day, 858 3/4. Rice report was friendly and They really have no more room to cut exports or domestic usage, 1770, plus 11 1/2. Harder to get a rally going with us in peak harvest time, but raises any floors. Switching to Dec for the Dow, 233 point gain to 32,498. Bonds off 20 tics, 132.10. I'm wondering if the Fed will make a bit more restrained comment at this months meeting.
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