Wednesday

Wednesday trade comparatively featureless as funds lighten up moving into the long weekend.  I am surprised the markets are not getting hit a little harder given order flow, but it's kind of grabbing be into thinking we are moving from weaker hands to stronger hands in the grains.  Basis in the country and at the gulf say this dog may be resting, but the hunt ain't over. Corn up 1/2 cent after being 17 lower, 772 1/2.  Wheat closes down 6 1/2 cents, 1148 1/4 on a 30-cent bounce.   1681 beans are off a dozen on softer products, but meal holding better than expected.  Rice off 9 to 1717 1/2, but still 7600 open in July and the spread found a bidder.  Must watch that one.  Dow in a good churn range and up 196 at the close, 32,076.  Bonds holding quite well, 141.27, off only 2 tics.