Tuesday

Welcome back from a long weekend to a long Tuesday for the bulls.  Aggressive planting over the weekend and more talks that Russia and Turkey will work together to get a shipping corridor for Ukraine, and really Russian grains to get flowing.  I don't see how Ukraine can ship that much with their infrastructure damage, nor do I remotely believe in some of the current Ukraine corn acres being talked about.  Think about sourcing and paying for corn inputs in America, then add a war into the mix.  You would still plant almost as much corn as last year?  Almost all of which you would need to export to get paid.   It's such a comical assumption that I can't believe it's being floated, but you can't churn a market if you don't have two sides to the story.  Of course, with a bunch of acres, we can start cutting yield because of lack of Fert, diesel, pesticides, herbicides, etc.  About 5 well placed Russian snipers halts all the combines in their tracks.  Are you hopping back into your machine after they pick off your neighbor Igor?  Back to the day at hand, Wheat off limit by the close but no pool.  1087 1/2.  I have no desire to push from below $11, nor do I think would any of the mature funds.  Corn off 23 3/4 to 753 1/2.  Truthfully a better close than I expected based on the day's trade.  Beans down 49 to 1683 1/4 and meal at 414 is close enough to what I had expected last week. The churning ranges just got expanded.  Get used to it. Plan for it and expect it. Rice on a 7 1/2 cent bounce and I can't find a reason for the bids.  1754 1/2.  Dow churned around but off 187 at the end, 32,971, while bonds lost a point and 16 tics, 140.14.