Nothing big over the weekend, so grains had the expected bid. Wheat was king of the day, up 24 to 566 3/4 and funds are stretching their wings a bit here. It looked like a decent sell a dime higher, and nothing really fundamental changed. Respect the fund long when he decides to play is the lesson here, and you will hear me repeat it again many times this year I suspect in corn and beans. Rice up a dime, 1343, as the cash market stays firm over the weekend trying to source Arkansas bin rice. The co-ops severely underestimated the east side milling draw down. Adjustments are being made. I suspect there will be some interesting side conversations at the next several conferences, trying to put humpty dumpty back together again. Corn follows wheat lead for 5 1/4 to 383. Beans off 1 1/2 to 892 1/4 in a nothing day. Dow soft all day and closes off 184 points, 29,211, while bonds rally 24 tics to 163.05. Guessing the easy money longs in bonds has been made, barring a Dow meltdown.
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