Wednesday

Wednesday trade has holiday and first intentions concerns both in the mix, playing with flat price and spreads.  Dec corn drops 4 1/4 cents in front of feared delivery risk at the close while March corn closes unchanged, 428.  Only 111 corn issued after the close.  We will be shifting to march moving forward on all the Dec contracts.  Delivery clerks pushed out the last of the stubborn wheat longs in Dec but then had a solid recovery to only off 1 3/4 cents, 537 3/4.  Z/H spread gained 8 cents and the margin clerk no longer works for the bear. No wheat delivered.  Jan beans gain 5 1/4 to 988 3/4 but the meat on the bone is in the December products.  Meal worth $290 AND at pretty good carry incentives still got delivered by commercials like Bunge and littered around the street.  Commercial didn't deliver a drop of bean oil.  Pay attention to what the commercial is telling you there.  1517 rice up 4 1/2.  We will soon see how big the river pull for rice is.  Dow posted a new record, 45,121 and proceeded to set back to 44,828, minus 123 and not too far off session lows.  Bonds gained another 24 tics, 118.20.  It cost 450 points to roll a long Dow out to march, a few tics to do the same in bonds.  Another thing to pay attention to.