Monday

Monday trade a setback across the board with the Dow looking higher but fading 108 points lower, 41,319 and bonds slip 13 tics, 114.16.  Grain room soft with corn getting hit for 14 3/4 cents, 454 1/4.  I'd say that's overdone to the downside, but we are seeing the planters running here in America and the Brazilian crop is getting bigger.  When we talk about funds being long or short, keep in mind we are talking net, so seeing corn open interest gain 12K when I'm comfortable that longs are liquidating steers us into believing we have a short who is accumulating a sizable position.  Problem for right now is the funds are comfortable sitting on shorts with good global supply and there are still longs to be unwound.  Wheat off 11 3/4 to 531 1/4 and beans drop 12 1/2 to 1045 1/2.  When we have sufficient global grain supply and we get to a contract roll, the next month generally drops to what the previous was.  Rice off 18 cents, 1274 on about 200 new shorts and it seems like someone in managed money has a 500 lot he likes to throw around.