Wednesday

Firm trade all day in corn and beans with china stories leading the way.  Corn up 9 to 552 on new china sales, and wheat was 20 lower but bid all the way back to 648 1/4,  higher by 3 1/2.  Beans up 16 1/2 to 1371 1/4 with meal up $7, and I hate to say this, but beans appear to be caught in the churn machine as well.  Look back at the last two weeks action and ask yourself if we are having price discovery, or computer churn profit discovery.  Don't know what changes that for the next month unless WASDE is a big surprise. Rice trailing stops got exposed and we broke 60 early, but recovered thru the day to 1309, off 27.  Dow in a slow 300 point catch your breath and let the systems reset trade, 30,627, plus 41.  Bonds off 19 tics, 167.27, just following the path of least resistance.