With July now lead month in grains we opened Tuesday firm but world events as well as domestic bled us thru the day. The banking contagion is clearly not contained and risk off trade puts crude on the defensive. I sense a growing fear that as we approach the debt ceiling debacle by the end of this month we might see just how inefficient and detached from reality our governing system is, both domestic and global. Its the latest government induced fear dejour. July corn off 4 1/2 to 580. With 58 cents may premium, remaining corn sales need to be evaluated if you are still priced basis may and consider a roll and re own. Wheat off 9 to 609 1/4. As long as the funds are willing to accumulate a record short position they will continue to make the knife a hard one to catch. 1410 3/4 July beans are 16 3/4 lower as we price Brazil short term selling vs Argy long term lack of supply. Rice pops 21 1/2 to 1783. Cash $8 a bushel rice trades and Bunge stopping with accompanying cancellations is creating a tight final quarter for sourcing supply. Exports Thursday morning might bring a surprise. Dow off another 380 points even with a late 250 point bounce, 33,772 but really just in the churn range. Bonds regain a point and 25 tics, 131.14 and are looking to present another churn trade there as well.
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