Monday

Monday trade again lead by the Dow, 44,826, plus 431 points and a new record high.  Bonds up 2 full points, 118.09 and I don't have a solid reason why just yet.   Commitments showed the funds meal short position a bit too big, so we got a bid in meal which helped soy stay 2 1/4 better at the end of the day, 985 3/4.  Corn leaked 3/4 to 424 3/4 with more great sales but the concern that come January 20 we will see the Mexico buying shut off.  If you are an export seller, probably not a bad idea to grab that basis strength.  Wheat off 8 1/2 as we try to flush out the last of the stubborn longs in front of first intentions on Wednesday, 535 3/4.  Rice off 21 cents, 1493 1/2 but the funds still show a very large short position, and the rice crop will have to mill several more million cwt just to make the same domestic package amount this year with milling yields off so much.  At some point the USDA will have to reconcile that issue.