Tuesday

Some of the extended forecast heat softened over the weekend and some moisture showing up in extended as well.  Nothing out of the Russia corridor so ultimately the weekend didn't provide any fuel for the Friday bulls.  Set us up for a bloody Tuesday and as Friday rally faded, we brought in new sellers and long pukes.  Soy complex pounded with beans off 40 3/4 to 1296 1/2.  Wheat drops a quarter, 591.  That puts a drag on corn with a dime loss, 594.  I would not be surprised at a decent bounce of overdone trade, but I think we just need to get thru June and the excess Brazil supply.  Back to the standard of growing a good crop, I don't believe now is the time to make any kneejerk sales.  Rice off only 4 cents, 1703 and very thin.   Dow in a standard churn trade, minus 36 points at the end, 33,089 and bonds gain a point and 18 tics now that upside June calls have expired, 127.06.