Tuesday

Softer day Tuesday across the ag floor with wheat hitting new lows and closing below the buck, 498 1/2.  Now let's see if the funds want to push from here or just wanted the print.  Corn off 3 1/2 to 379 1/2 and beans gave up 7 3/4 to 1013.  The meal oil unwind is getting close to running its course by my count.  Rice off 7 1/2 cents, 1251 on 1500 more sept trades, but surprised that only 650 was liquidation, and we found a small buyer under 1250.  It's hard to be long any grain with carry in the spreads the last 2 weeks going into deliveries, and this trade is no exception.  Everything wants to leak because the margin clerk and the delivery clerk want you out of your longs before first notice.  This is not the time to reinvent the wheel on position management.  Dow in another churn, wanted badly to finish stronger, and barely managed, 44,999, plus 13 points, while bonds recovered 18 tics, 114.11.