Wednesday

Another solid Ag day on Wednesday as corn pokes at 450 and settles 447 1/4, up 3 3/4.  Wheat chasing back up near the highs as well, 629 3/4 plus 12 3/4.  Beans solid on the back of the meal market strength and spreads squeezing in, as well as shorts in Jan giving up in front of deliveries. 1258 3/4, up 11 1/2, but I would caution that OI dropped 11K in the process.  Rice up 2 1/2 to 1239 on continued spread roll and bids under the market in Jan as we roll up to first notice day.  A note of caution in the 1220 puts sitting out there 150 times and here we are at expiration.  Dow takes the upside churn route for 122 points, 30,034, while bonds drop 31 tics, 172.02.