Wednesday

CPI at over 9% Wednesday morning way too high for the Fed to ignore at the end of this month and pretty much assures another 75 basis hike in short rates.  Turkey brokering a deal to try to get grain moving out of Ukraine ports softened the wheat and corn later in the day.  Corn did still close up 6 cents, 6 dollars even.  Wheat gave up early gains to 810 3/4, off 3 1/2.  Beans up 16 1/2 to 1484 3/4 on the back of strong meal.  Rice had a totally dead day, 1642 1/2, down 2 1/2.  Dow had a big range up and down but at the end of the day off 208 points, 30,758, while bonds gained a full point to 140.11.