Tuesday

Tuesday brought big buying and short covering, along with aggressive options activity to the beans, with a 40 1/4 cent rally to 1295 1/2.   Lots of reasons to look up 1290, and we did, but seems overdone for now.  Meal did rally over $11 as well so there is a base to the trade.   Corn cut thru 460 like a hot knife thru butter and closed 466, up 9 1/2.  Big picture is a softer dollar and tight global food supply makes for high grain prices.  Keep in mind, we are shipping, while other countries are paying demurrage.   Rice popped 21 to 1220 1/2 as the spread caught a bid and the seller ran out of bullets.  Wheat even found a floor and gained 4 1/4 to 618 1/2.  Dow just a simple churn trade, 30,238, off 67, and bonds slip 3 tics, 172.21.  Wednesday is first intentions for Jan, so make sure all Jan positions are cleaned up.