Tuesday

Markets refired after the long cold weekend Tuesday softer most everywhere.  Wheat off 14 cents and a bit of a surprise in the weakness, 582.  New shorts to the tune of 6200 march futures was the driving feature.  I don't consider these to be long term trades as much as short term trend followers.   Corn off 3 1/2 in sympathy, 443 1/2 and 17K of new OI shorts there as well.  Rice down 11 1/2 to 1755 1/2.  River is still busy.  Beans did get a 3-cent bounce to 1227 1/4 on the back of meal strength as new March meal shorts ran for the door.  Dow was off 400 and closed down 239 points, 37,553 while bonds got spanked for a point and 26 tics, 121.02.  Still in the big sloppy bond range but as we look at 120 the big money boys have to be wondering if they have a firm grasp on this lion's tail or not.