Tuesday

Best way to describe Tuesday is that we held up.  Some nerves in front of the FED rate cut today kept financials close to the nest, Dow off 20 points, 40,037 and bonds off 10 tics, 126.28.  Decent showing in the corn in what could have been a soft day, 412 1/2, plus 1 3/4.  Wheat drop follow-through really didn't materialize, 575 3/4, off 2 3/4.  Dull bean trade, 1006, up 1 1/2 while rice looked lower again, but strong buying got us back better on the day, 1534 1/2 for a 4 1/2 cent gain.  FED will drop short term rates Wednesday; question is how much.  I'm hoping for 1/2 point or even 3/4 as that would give us a softer dollar and easier exports.   China still wants our beans, and Brazil is still hot and dry.