Wednesday

Wednesday trade mostly jockeying to see who wants to bet on the new WASDE numbers and how they play out thru yearend.   Corn looked over 450 but settled back to 448 1/4, off 3/4 cent.  Beans briefly looked at 10 bucks as well and closed 995 1/2, plus 3/4.  Wheat gained 1 1/2 to 563 1/4.  Rice is just stuck and other than the roll, we would have little volume but closed off 5 1/2 to 1503 1/2.  Dow in a downward adjusting churn trade again, 44,222, minus 113 points in a pretty tight range while bonds drop another 28 tics, 118.05.  I'm hoping that we will get rangebound in the bonds with 120ish a ceiling, but I'm starting to wonder if in the months to come we will all yearn for the days of a 120 print.