Wednesday

WASDE didn't really bring much to the dance Wednesday and I would argue was slightly bearish to corn and beans but after initial drops we recovered with corn regaining yesterday drop, 678 1/2, plus 4 1/2 and beans up 4 1/2 as well, 1519 3/4.  Wheat picked up 15 to 764 3/4 but that's probably more about adding risk to the wheat market in general with Russia upping their ground offensive.  Rice was the big winner on the day, 1790, up 42 1/2 cents.  Before you get too excited, a week ago rice was 1784 and the big daily rally gained no open interest outside of September new crop.  Dow off 211 in standard churn trade, 33,995, and bonds off 2 tics, 128.11.