Wednesday

Dow strong again Wednesday with some surprise earnings reports and what I believe might be signs that the Fed might move the US to a negative interest rate environment.  That's my call, not the talking heads.  Give them time, they will figure it out.  Bonds off 15 tics, 181.12.  Corn up 1 3/4 as the fund sellers either took a break, or are getting full at a bad time to be short in the calendar.  304 1/2.  220 new corn receipts registered but dates are still very old.  Beans gain 5 3/4 to 831 3/4, with light meal deliveries and no beans.  I call that friendly.  Wheat off 7 1/4 to 519 1/2.   No deliveries.  Rice closed at $18, up $1.14.  That's a stupid high number, and with only 7 deliveries, but 344 still open, there is a commercial struggle going along with a spec short squeeze.  I'm betting that regulatory is getting involved as well about now.  For reference, I can buy 50# of milled USA rice, from an Arkansas company, at Costco for $17.49.  Almost 2 pallets full today when I was there.  I'm betting all that unused restaurant rice is starting to need to find a home.