Tuesday

Talk about your Monday/Tuesday trades.  Dow rips 561 higher, 34,400 to erase most all of Monday losses and put the talking heads back at ease.  Bonds did back off 24 tics to 165.13, but that was after looking above 167.  I would expect that to be the high point in bonds, but I wouldn't bet too much on anything with Fed engineering right now.  It does give us another opportunity to lock some long rates on debt.  Hotter and drier in the Ag room, with corn up 13 1/2 to 565 3/4, oats up 17 and looking at 4.50, and wheat up 2 3/4 cents, 700 1/2.  If this is all wheat has in it with what has to be the most distressed crop, it does give me pause about how long we can push corn.  I guess until the next rain, but where will that rain matter to the market?  Rice up 15 on little volume, just lack of the seller pushing, 1319.  Looks like another 300 vs cash traded.  Beans gained 15 3/4 to 1388 1/2 after looking over the buck, and lead by meal this time.  We really need to see some meal follow thru.