Wednesday

WASDE Wednesday trade lead by beans up 27 3/4 to 1642 1/2  New highs 25 cents higher traded at the report.  Meal didn't help and oil just contributed a little, this was a bean run.  July bean open interest gained 8k on the day, which catches my eye.  Oats off nearly 19 and briefly limit down with a bullish condition report.  Bears watching a little closer today for follow-thru or rejection.  Wheat down a dozen, 729 3/4.  Corn off 7 1/2 cents, 714 3/4.  Rice pretty quiet and off 3 cents, 1404.   I was happy to see that even with acres too high in rice on this report, they left domestic and residual high as well, rather than print a totally fictitious number that we would have to reconcile in July.   WASDE didn't feed any friendly grain surprises, and was a little bearish new crop carryover to me with an expected acres increase coming in June.  Dow off 675 more, 33,508, and bonds off a point and 11 tics, 155.19.  I'm starting to wonder if last weeks 158 is going to become a rear view mirror number we yearn for.