Tuesday

Weak early grains on Tuesday as rumors of China washing out or cancelling a few soy cargoes was enough to get some of the late to the dance longs looking for the sidelines.  By the end of the day almost all the drop was recovered, but for the next little while, if the market gets ahead of itself, expect cancellation rumors to resurface.  Corn off a dime and closes off 3/4 cent, 425 3/4.  Beans only give up a 1/4 to close 1191 1/4 after recovering 17 cents.  Wheat strong all day on sales and spread unwind, 611 1/4, plus 12 1/2.  Rice off a nickel, 1239, in another quiet day.  Rice Mills still trying to price JFH deliveries against Jan futures.  Some of the McGehee receipts did get cancelled.  Dow put on a bull display to 29,998, plus 452, and bonds leaked 18 tics, 172.29.