Tuesday

Explosive rally in beans and corn catching some of the seasonal short sellers flat footed.  Corn up 9 3/4 to 545 1/4 and beans pop for 39 cents, 1331 3/4.  Oil was firm and meal found its feet below 350 again.  Was a little nervous about the meal market and still will watch it closely for weakness.  Corn and beans open interest both declined in the rally, not so rosy.  Surprisingly, wheat and rice didn't come along for the ride.  Rice off 1 1/2 to 1337 1/2 and wheat off 1/3/4 to 718.  Wheat is known tight globally and rice is tight ex china, regardless of some reporting to the contrary.  Someone did buy 100 Nov 14 rice calls.   Dow took the day off, 35,314, plus 33, and bonds leaked 25 tics, 165.01.