Wednesday

Dow up 418 points to 21,026 but well off midday highs.  bonds off a point and 3 tics, 177.24.  Rates aren't going anywhere soon.  Wheat up 18 1/2 to 580 with stories out of Russia restricting exports and France catching a bid.  Rice pops 34 1/2 to 1362 1/2 as the $6 a bushel area holds, funds appear to be willing to buy small again, and importantly, Vietnam restricting exports briefly to ascertain their stocks position.  Vietnam has a habit of selling most everything it produces with very little buffer, and the country doesn't want to export themselves into a domestic shortage.  Beans off 5 1/4 to 881 1/2 as meal takes a $10 hit.  Just funds who are long now looking at who is on board with them. I expect the meal break to be short lived. Funds will run the meal ramp just like they did rice.  Corn up 1 1/4 to 348 1/2, but I must say, demand destruction from the ethanol shutdowns from Poet could easily offset our newfound exports.  We wont be saying King corn for a long time I'm afraid.