Monday

The sucker trade of Monday goes to those who were long Sept bean calls and took them home for the weekend because they settled in the money on a thin market Friday goose.  Sept beans lose 70 1/2 cents, 1534 3/4, while spot meal and oil hold firm and close a little better on the day, so the crush gains what use to be a good total margin in one day.  On top of already great margins.    Good day for the commercial and the hedge funds, bad day for the unsuspecting spec.  Rince and repeat.  Rice gets a stop hunting massacre and Nov gets pummeled down to 1685 before recovering almost all the money back, with Sept at 1728 on the close, off 3 1/2.  Good day for the commercial if he got any resting stuff bought and for the hedge funds that surely had a hand in the churn, bad day for the unsuspecting spec.  Rince and repeat.  Ukraine decided to lob a few missiles in a counter offensive and that spooked some worried about the shipping corridor getting closed, but I doubt that will happen as long as Russia has wheat to tax, and the ground hasn't frozen.  Wheat up 35 1/4 to 820, and corn up 15 cents, 683 3/4.  Dow in a quiet range and settled off 188 points, 32,075, while bonds lost a point and 4 tics, 136.18.  My first read was that this was a good boring day, but my gut isn't buying that.  Waiting for another shoe to drop, of the fed to stick a finger in the dyke.