Big new sale of corn to China gives us a bid early Tuesday but funds kept their thumb on the market thru the day and as expected, brought selling late to mark the close. China is trading us brilliantly, letting the uneasiness of a busted trade deal keep prices low so they can buy us out for a song. Our big carry over is a blip on the map of their demand needs. Weather is a non event and the calendar works against the farmer. Contracts are written that way and the money boys know it. 326 close is 2 3/4 lower. I am wary that the funds could sell another 200K of contracts but it is also clear that they are hoping to heard out the longs to do the selling for them. Most of the volume was in the 329-330 range, so that is were we should see defending. For the next several days, pay attention to where the volume trades, not the close, for entry and exit. Wheat gains a couple cents, 526 3/4, and beans up 2 3/4 to 874 1/4. Rice bounces 4 1/2 to 1201 as July goes off with 250 outstanding. Randy delivered 87 new receipts out of Waldenburg and Diaz. Be interesting to see where the rest comes from or if it gets swept under the carpet. Dow busts out to the topside for 523 points, 26,491, while bonds rally 21 tics as well, 180.09.
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