Tuesday

Long holiday weekend brought some much needed rain and more in the forecast, some bear selling systems got activated, and down we went.  Switching to September moving forward for grains, corn down 40 cents, limit, to 552.  Sept wheat only off 26 3/4 to 626, and oats fared better still.  Corn open interest up, which makes clear that new money selling is in play. Sept rice down 32 1/2 to 1282, but 300 futures bought piecemeal down here by what looks to be longer term strong hands.  Exports maybe?  August beans down 89 cents, 1344 1/4, and meal and oil both weak, although I expect it will be much harder to push the products lower from here. Dow off 217 in a 500 point range, 34,460, and bonds gain another point and 6 tics to 162.03.  Bonds have my big picture radar way up by now.