Monday

Monday WASDE was a shocker.  We found yield, acres, or both in all 3 big grains.  Corn hit the worst, 421 1/2, off 24 1/4 and just plain ugly.  Funds barely short coming in and now they have fundamental bullets to keep a lid on until a real weather scare might develop.  More beans out there than anyone expected and soy drops 13 1/2 to 1049.  That could have been worse, and based on Brazil numbers, I think it's only a matter of time before it is much worse.  Wheat off 6 to 511 1/4 and one bright spot for wheat is China has just resumed wheat purchases, abet at low prices, but cleaning up Argy and Australia overstocks.  Rice pushed lower early but recovered to a penny better, 1026 and there were a few parts deeper in the bowels of the rice reports that I find positive.  Dow hit early as well but fully recovered, 49,809, plus 83 points on a 600-point rally off the lows.  Bonds leak 5 tics, 115.20.