Wednesday

Wednesday trade had corn recover 10 3/4 cents to 690 3/4, with pretty much all the gain in July, as the July Dec spread roll was good for a dime gain on the day.  Wheat slipped 2 3/4 to 682 1/4.  No strength in the products and beans dipped 17 1/2 to 1562 1/2.  With a weeks worth of noise, we are right back to last Tuesdays close.   July open interest dropped 10% on the day.  That's how big the fund roll is.  And July gained on new crop throughout most of the day.   Rice off another 5 1/2 to 1308 1/2.  I think as the bins get cleaned out the hedges get lifted and that's one more contract the commercial doesn't need in futures.  Rice needs some Latin American business.  Dow off 149 in a nothing trade, 34,437, and Sept bonds gain another 25 tics to 158.25.  I am surprised at the bond market strength.