Wednesday

Wednesday trade worried about the FED and harvest.  FED punted as expected but he said the quiet part out loud about not being sure what the equilibrium rate is.  News flash, its not 2 percent and if it turns out to be 3 or 4, are long term rates too high or to low?  Dow broke 350 from the highs to close 88 lower and sickly, 34,729.  Bonds up 11 tics which was a bit of a surprise, 118.18.  Rice slipped 7 with harvest pressure, 1596 but the rest of the grain room got a small bounce.  Corn 6 higher, 482 1/4, wheat follows up 4 3/4 to 588 3/4.  Strong meal helps soy gain 4 1/2 cents, 1320.