Wednesday

Softer wheat again Wednesday after a few shots to the upside failed, 717 1/4, off 7 1/4.  Not the action you want to see out of the most bullish grain.  Corn peeked higher but wound up off a nickel as well, 546 3/4.  Meal up $4 as 350 a ton prices decent feed demand for now, and beans up 6 cents, 1325 3/4.  Corn and beans open interest both down again today as more players leave the sandbox.  Rice bear back again and selling to any buyers.   1319 1/2 close, off 20 1/2.   A note, 220 buyers showed up between 1320- 1315 for some volume on the lows in a tight nickel.  More receipts cancelled, this time out of McGehee so its a safe bet that more domestic supply for later is going down the river now.  Dow off 308 to take away all Tuesday rally, 34,690.  Bonds up 6 tics, 166.06.