Wednesday

First intentions trade on Wednesday kept things muted with corn off 6 to 480 3/4 and beans off another 5 3/4 cents, 1386 3/4.  Sept rice getting squeezed, 1670 1/2, up 16 but Nov only a penny higher, 1669.  Huge Nov volume for not huge pay.  We will be switching to Nov moving forward as we are down to 400 total open interest in Sept.  I do expect deliveries next week to take the pressure off Sept.  Wheat bounced 7 to 576 3/4 but 1000 deliveries and full carry spreads are a drag.  Will be moving to Dec from here on in wheat.  Bonds hold Tuesday rally in a pretty tight trade, 121.04, plus a tic while Dow holds its rally as  well, 34,956, up 69.