Tuesday

Tuesday just a bleed off, risk off day.  Dow hit for 402 points, 32,365, as Pelosi pokes the bear by dropping into Taiwan.  Bonds off a point and 23 tics as well, 142.31.  Wheat the worst for wear, 774 3/4 off 25 1/2 and there is a lot of hope that Ukraine shipments will accelerate.  I still believe that getting full loaded ships out of there will happen, but not so sure the owners would put the vessel back into harms way.  This trade is another example of why I hate the long side of CBOT wheat futures, but that said, I would not be getting short down here.  Harvest will not fix the globes food shortage, just make people forget about it for a few convenient weeks.  Beans off 16 1/4 to 1415 3/4, and corn down 15 3/4 cents, 591 1/4. Corn and wheat open interest up a pretty good amount, so the short systems are getting more comfortable to run right now.   Rice did get a 11 1/2 cent bounce, 1677 1/2.