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.
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