Monday

As we wind down the trading year Monday and set up for first notice in Jan beans in rice, beans come out of the box strong on continued lack of moisture in Argentina but fade thru the day to only 2 better in the March, 991 3/4.  We got decent deliveries across the soy complex this morning as expected and will be using March futures moving forward.  Jan rice pushed down to 1361 and March closed off a dime, 1384.  We received no rice deliveries and there is under 400 open interest left in Jan.  Unless there is some funny business, I will be using March moving forward in rice as well.  Corn slipped 1 3/4 to 452 1/4 and wheat gained 1 3/4 to 548 1/4.  Funds have a pretty sizable long in corn and now short 95K of wheat.  Thats a big bet for a little contract.  Its paid so far.  Dow needed a 300-point bounce to still close off 417 points, 42,927 and bonds gain 26 tics, 114.03.  Tuesday is an abbreviated session and don't be surprised to see some outsized marks for the end of year bonus or tax purposes.