Tuesday

Wheat started hot Tuesday but faded to a penny lower on the day, 1118 1/4.  That's 50 cents of air.   Corn gave back 3 1/4 to 753.  Rice bounce continued, 1602 1/2, plus 9 1/2.  Beans 24 off the high but still 9 1/2 to the good, 1696 1/2.   Meal the weak link.  Dow up 273 points, 34,709, and bonds drop a point and 7 tics on Powell jawboning, 148.13.  Don't get lost in the gossip, Powell is no Volcker.