Tuesday

We booked several cargoes of soy into China Tuesday morning and meal is strong off Argentina weather issues.  Beans up 17 1/4 to 1455 and some still thing $15 is possible.  I think we are struggling up here and there is more space to the downside on any negative news.  Wheat off another dime, 729, but funds are continuing to add to an already large short position and not getting paid nearly as well for it.  Corn slips 3 1/4 to 637 1/4.  Rice drops another 19 cents, 1684 1/2.   Dow was off over 500 more but got propped up late to close 33,633, still off 353 points.  We might have broke enough for now as Powell will speak tomorrow, raise rates 50 basis points, and signal the Fed is slowing down.  All this is already known, but that wont stop the computers from churning us right back up.  Bonds up a point and 19 tics to 130.13 and in my opinion is the canary in the coal mine that at some point the Dow has another spanking coming.