Tuesday

Dow off 500 early and looking soft, but finds footing for another day of churn, 31,880, plus 41 on the day.  Bonds gained a point and 19 tics to 141.29.  Bond market isn't buying into FED speak right now, and it is a curious event to watch unfold.  Wheat wacked for 35 1/4 to 1154 3/4 with rumors of some agreement of Russia letting grain get exported from Ukraine.  This will probably happen in some form, but Russia is going to want back onto the monetary grid, and we will probably fold on that one.  Corn followed wheat lower, and planting is progressing rapidly, 771 3/4, off 14 1/2.  Beans gained 6 to 1693 with decent export demand and domestic crush, and meal has held better than I expected as well. Rice gave back Mondays rally, off 10 1/2 cents, 1716 1/2.