Tuesday

Tuesday had some rumors of more china business, especially in the corn, and beans busted out of the top side of a flag we have building since early January.    Meal finally caught a bid, and beans pushed up near contract highs, only to fade 19 cents to 1406, still 22 1/4 higher on the day, but a bit of a disappointing close to me.  Corn up 2 3/4 to close 553 3/4, but 6 off the high.  Wheat lower early but found a bid as well and closed up 1 3/4 cents, 665 3/4.  Rice spread roll is pretty much done as OI is down to receipt levels, 1283 1/2, off 5 1/2 but some iceberg type buying again.  Seems like some more commercial coverage to me.   Not afraid of rice here, and normally just in front of carry deliveries you should be.  Dow was a dog most of the day and had an expanded range of 500 points, but just like clockwork it found a bid and closed up 36 points, 31,492.  Bonds still a dog and drop 7 tics, 162.05.  Remember there is no inflation.  Except in the biggest indicator in the world.