Wednesday

Hump day trade perks a bit of interest as oats trade a new low Tuesday but rally 9 back on Wednesday.  Corn fully recovers Tuesday drop and closes 4 better, 440 1/2 on rumored China buying, and China definitely had some harvest weather issues.  More China bean flashes and I'm guessing China has about used up its early futures purchases so vs cash may not be the way forward much more.  Beans off 4 1/2 cents, 1058 1/4 but I would call that still holding support, even with meal back below $300, which should help crush.  China did cancel some wheat sales, 506 1/4, minus 3 1/4 and new lows and rice still being battered, although now the cash market is finally seeing bids, 938, off another 11 1/2.  You really need to look at being out of Jan and doing your hedges in March from here on, rice and beans.  Dow off another 223 points in standard give back churn and bonds slip 4 tics, 115.08.