Wednesday

WASDE Wednesday was more build up than trade.  Slightly friendly bean report and very friendly production drops for Argy brought a 2 1/4 cent rally in soy, 1517 3/4.  Small bump in domestic corn but big drop in Argy supply and we are off 8 3/4 cents, 625 1/2.   Wheat loses 10 1/2 to 687 1/2 on a nothing report punt.  Rice seller at it again and report reduced exports, raised carry over even though it is now finally reasonable to export Arkansas for the first time this year.  1629, off 37 1/2 and into what appears to be more solid buying power.  Time will tell.  CFTC updated commitments to 2/14 yesterday after the close, so we are now less than one full month late on our data.  Dow in a tight range, 32,813, off 51 and coiling.  Bonds pick up 9 tics, 125.11.