Tuesday trade mostly a giveback day in Ag, with wheat off 20 1/2 to 783 1/2. Oats drop 21, and Corn off a dime, 604 3/4. I think what we are seeing in wheat is everyone around the globe that exports had somewhat diminished supplies, so everyone held back, and now we look around and stocks might be plenty enough to get us thru. Add that farmers grow to sell, and we have too much carry in the wheat futures market due to design flaws, and combined we have a wheat market that may be running out of steam. Should have a February winter freeze like usual that will be accused of killing the crop and tight enough stocks to keep some form of a floor for now, but that's about it. Beans off 3 1/4 to 1359 1/4 but well off highs that just ran out of breath, and a market that all of the sudden seems heavy. Fund re-balance cant come soon enough. Rice up 12 1/2 more as the short with a bloody nose runs for the door and commercials that picked him off are laughing all the way to the bank. 1446 1/2. Dow up 104 to 36,282 and bonds off 3 little tics, 160.21.
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