Tuesday

The mostly downward drumbeat in the ag room continued with corn off 7 1/2 to 388 3/4 and wheat off its 7 cent Monday gain, 524.  Beans break 19 cents, 1011.  August soy deliveries had Bunge deliver and August lost 27.  Even though I believe we are tighter in the country in soy and corn than the USDA says, we clearly have enough.  I'm sure you will be tired of hearing me say it, but I expect two distinct ag markets, the one up until the bin doors close and the one after it.  We really need to manage storage and basis closely this year.  Rice buyer still present, 1523 1/2, plus 2 1/2.  Financials stronger with the Dow up 188 points, 40,959 and bonds up 17 tics, 120.06.  Powell should give a pathway to lowering rates this September when he speaks.   I'd say the markets are pricing it in, so he better.