Tuesday

Firmer tone to Tuesday trade with palm catching a bid off tariff reductions out of India and some SA strength.  Oil was up nearly 90 points, but meal was off $3 and beans actually leaked 2 1/4 cents, 1282 1/2.  I think the bulls have to make one more push at $13.  Wheat bounced 13 3/4 to 700 3/4 and there is global tightness in wheat.  Corn up 7 to 520 1/4 and we might get 525-530 on this run, but I struggle to justify much of any more.  Rice up 8 1/2 cents to 1363 1/2 as the spec short is nervous and liquidating and Sept futures go off without any more new sales.  There are 200 of the 1360-1400 Oct verticals that might come into play over the next week.  Dow has over a 500 point range and weaker most of the day, 290 lower at the close, 34,464, and bonds gain a point and 5 tics to 164.10.  Seems like no one wants to put much on the line in equities at the moment.