Tuesday

Felt like I was watching a Clint Eastwood movie in the grain room Tuesday.  The good, the bad, and the ugly.  Wheat is establishing a base down here and closed 9 1/2 better, 584 1/4.  Corn held a couple better, 423 1/2 but seemed to have no gas in the tank for as big as the fund short is.  Meal was ugly as it appeared early that it had a sponsor but rolled over to new low and took the beans down 20 from the highs, 1140 3/4, minus 4 1/2.  I'm going to hope the meal trade was overly influenced by delivery risk with the march contract in play and computers who saw someone flinch.  Rice in runner up ugly position with a 29-cent loss, 1835 1/2, but rice has a habit of slipping going into deliveries and open interest in March is pretty clean, so I don't see much more pressure there.  Bonds slip 10 tics, 118.10 and the Dow gives up 100 points, 39,016.