Tuesday

Much anticipated WASDE dropped Tuesday at 11.  Corn yield dropped but acres increase offset.  Corn loses 9 1/4 to 476 1/2.  Beans inline with expectations but a few more acres found, and at some point you have to evaluate the corn bean ratio.  Minus 22 1/2 in Nov soy, 1346 1/2.  Bean oil seems to have found a bio-fuels value down here and if crude stays firm it could give us a better soy floor as well.  Wheat traded contract lows and bounced 3 to 587 1/2.  Hard to justify a bullish bean bearish wheat stance from these levels.  Rice off another 17 to 1562 1/2 as we found yield and acres with a 24 carryover vs 19 previous.  River is moving rice so the cash market thinks we are fairly priced here.  Dow looked a couple hundred higher but rolled over to 34,996, off 16 on the day.  Bonds up 12 tics, 119.14.