Monday

First intentions trade Monday clearing out the last of the May specs as open interest dumps hard from liquidation.  We will be switching to July futures for the grains moving forward.  Wheat took a bit of a break from the recent rally and the next day or 2 will tell us if this was just a fund liquidation run or something more underneath the market.  608 1/2, off 13 3/4.  Corn held up pretty well, 449 1/4, off only 3/4 cent.  1182 beans were up 4 3/4 and July rice popped 48 cents, 1946.  I'd say managed money saw a lack of selling in a thin rice market and pushed.  Dow up 118 points, 38,559 and bonds up 24 tics, 114.19.  Yen is moving with some outsized trades, and it might be the canary for the US dollar/bonds in the future as Japan is already carrying a massive debt and the financial boys might do a little testing there before they try it here.