Wednesday

Humpday trade soft in the grains again and I'm starting to believe corn and beans might be running out of breath.  Beans off 9 more, 1115 3/4.   Corn loses 6 1/2 to 443 1/2 and looks to be rejecting the 450 area.  Wheat off 2 3/4 cents, 538 1/4 but this Dec delivery cycle has spot getting squeezed, one more signal we probably are setting a base there.  Rice bear adds to a huge short position pressing below the buck and to new very long-term lows, 991 1/2, off 20.  I don't know what announcement catches these guys or if the exchange will ever get enough heat to stop the madness, but the turn will be brutal when they want out the door.  Dow back to 48K during the day and 410 point higher close, 47,954 while bonds gain 11 tics, 116.22.