WASDE Wednesday

Reports were mostly a punt Wednesday with the bigger action postponed until next month.  Honestly, the global resets will probably have a bigger impact than the domestic.  We will trade weather for the next month and potentially demand if our bean sales continue and corn picks up as I expect.  For the day, corn gained 4 3/4 to 454 1/4.  Beans off 3/4 cent with really the only slightly bearish report, 1177 1/4.  Wheat off 9 1/2 cents, 617 and all I can see is a reset to value the product vs Sept as a justification, but in any case, a bit too cheap to me.  Wheat is a hard knife to catch.   July rice casino lands on black, 1822 1/2, plus 68 with exports slightly but expectedly increased.  Sept lost a dime back in the real world.  Dow was 400 better and faded to 42 lower, 38,752.  Not sure if that is a custom-built air pocket or a rejection.  Bonds up a point and 13 tics, 119 even.