Rocking higher Sunday night met by some rain in the forecast and what some are saying is a reversal in the grain room. Corn closes 27 off the night time highs, 679 1/4, minus 3 1/2. Dec corn was 11 higher as the spread roll is silly this cycle. Wheat down 7 3/4 to 680. Rice in another dead day, 1327, off 4. Beans set new highs in new crop overnight and rocked in July too, but fell 63 cents from the highs to 1560 1/4, down 23 1/2. Bean, meal;, and oil spreads pummeled into the close. Thing is, I still think this is just churn trading. Buy low, sell high, rinse and repeat. July will be cleaned up by the end of the week for the loose money boys, so the texture of July should change next week. Dow off 126 points, 34,616 in a soft breather trade. Bonds, switching to Sept where the volume is, 157.07, off 8 tics.
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