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.
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