New year trade Monday welcomed everyone back with what is perceived to be new fund buying out of the box, and selling the rest of the day. Corn settled off 1/4 cent, 483 3/4, after putting in new highs 14 cents higher and adding 19 K to OI on the day. Commitments has the funds up 66k on the week at 322K combined. Those numbers and that action makes me wary of a top, but, as we saw in rice last year, funds don't really have any limits to constrain them, and there seems to be more money in fund pockets than ever before. Same story in beans, 1313 settle, plus 2, but 36 cents off contract highs of early in the morning. 27K pop in bean OI and meal was off $6 as the spreads lose premium and Argy gets moving again. Wheat closes 642 after posting a new 650 high. Rice up 3 1/2 to 1272 1/2 with some of the same action, but rice deliveries are current and shouldn't be a factor for the rest of this cycle. Dow helped drag the market psychology down thru the day as we were over 600 lower, eventually settling down 393 points, 30,104. For now I'd say the computers are just opening up the range so they have more running room to churn. Bonds off 5 tics, 173.01.
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