Wednesday

WASDE Wednesday disappoints in carry over numbers for corn and beans.  Markets reacted negatively as expected out of fear of computers but I don't know a soul who believes this will be the real numbers at the end of harvest.  Corn off 18 1/4 to 476 1/4 and Dec down to 483.  Wheat hit for 27 3/4 cents, 632 3/4 but that was a sympathy break. Beans off 29 1/2 to 1355 3/4.  Big question of if we reset to new lower prices or not, but we certainly will have trade-able ranges moving forward with the carry over buffers in place for the next month.  1481 rice is 3 1/2 higher on the day after looking below 1460 early.  Nothing really bearish to the rice to me.  Bonds rally a point and 13 tics, 125.25 and the Dow picks up another 86 points, 34,550.  Inflation is slowing and that is potentially allowing the FED to take their foot off the gas.  I don't trust the Fed to be practical.