Monday

Monday a bit soft in most of the grain room as we add moisture to Argentina and the vessels are still moving in the Ukraine corridor.  Wheat off a nickel, 748 1/2 while corn slips 5 3/4 to 647 1/4.  Beans down 19 1/4 to 1460 3/4 and pretty much everyone expects Brazil bean output to be north of 150 million tons now.  Rice shorts get caught flat footed with a bullish commitments report and talk of a new Iraq MOU.   1712 close, up 43 1/2 and assuming this rally holds, which I expect, all those Jan puts become worthless.  Financial room still setting back with bonds off a point and 12 tics, 129.25, and the Dow down another 155 points, 32,973.