Tuesday

A little more pressure in the grain room Tuesday with Argy cutting export taxes and the heat dome fading, not to mention a fair amount of rain in the corn growing regions.  Corn off 4 1/2 more, 389 1/4, but I suspect these prices are attracting more export sales, which would make any late weather hiccups more pronounced.  Beans off 3 cents, 989 1/2 as we lead into First intentions for the august markets and carry trade still in play. That will be rectified by Thursday close.  Wheat down 8 3/4 to 529 3/4 and we seem to always want to test the 525-530 area on these pushes lower.  Rice off 8 1/2 to 1238 1/2 and a bit of a surprise that Sept open interest went up.  The late players would probably still be selling front month, but the Calander ends that dance by the end of the week, and I expect them to be stuck on the dance floor when the lights come on.  Dow pulls back 196 points, 44,816 and bonds pop a point and 12 tics, 114.17.  I'm afraid that Trump has pushed Powell so hard he has to delay a rate drop to show he is independent, even though by most measures we need to be cutting rates.  I don't think a full point of cuts would materially increase borrowing, but it would save the government, and by extension us taxpayers a TRILLION dollars a year.