Tuesday

Tuesday trade had old crop corn steady, 659 3/4, plus 1/2, but new crop off 18 as more rain comes into the forecast and the bulls need fed.  Wheat off 10 1/2 to 651 and not helping.  Meal down $9 as DDG competition and the crush for oil is killing the protein piece of the crush, and beans slip 20 1/2 to 1394 1/2.  Rice short getting taken to the cleaners again as we rally 43 more to 1315.  July open interest in rice is down to receipts already and the commercial is a net long, or at least was a few days ago.  Dow up 74 points, 33,835, and the bonds settle unchanged, 159.30