Wednesday

Wednesday trade pretty ugly in the grain room with beans hit the worst, 1451, off 44.   Corn down 33 to 590 and wheat off 29 1/4 cents, 655 3/4.  July rice down 19 to 1748 1/2 but new crop Sept broke a full dollar, closing off 68 and we really didn't see any capitulation volume trade out of it.  Exports Thursday morning then we will go back to positioning and liquidating in front of Fridays agency reports and July deliveries.  Churn day again for the Dow, 34,101, off 82 points while bonds gain 22 tics, 128.08.