Thursday

Herd mentality took over in the Ag room as corn explodes limit up 650 1/2.  There wasn't much of an over bid though.  Wheat briefly traded limit but closed 37 higher, 710 1/4.  Beans were good for 36 cents, 1533 1/4, with oil near limit up and meal up $10.  Rice sellers disappeared and the long had his way there as well for 49 1/2 cents, 1336.  We just put a lot of out of the money calls into the money and tomorrow is the day of reckoning for a bunch of newly minted positions.  Dow took away all Wednesday gains in a churn trade that has the ranges starting to open up. 33,709.   Time to be more cautious in the financials.  Bonds up 10 tics, 158.14.