Tuesday

Tuesday trade had soy open OK but faded thru the day with bean oil especially soft.  Crop tours showing better than some expected and it really grabs me how much the Sept/Nov bean spread has collapsed these last 20 days.  1346 close was a 15 3/4 cent loser for beans.  Corn off 3 to 479 1/2 and wheat gained 2 1/2 to 601 3/4.  Rice spread roll the feature again and we leak 2 1/2 cents, 1549.  Looks like the 1560 options are getting delta up pretty well.  Dow wanted a bid but couldn't in front of Jackson hole, 34,344 and off 180 points on the day while bonds get back 15 tics, 118.11.  My work has the Dow a bit oversold front-running  a non fed meeting get together.  It will be interesting to see what glue they use to hold the economy together next.