Wednesday

Humpday trade still seeing softness in front of month end reports.  Corn off another 6 1/2 to 451 1/4 while wheat drops 8 cents, 535 1/4.  Funds have liquidated most of their corn longs by now, I am guessing down to 75K or less and are a sizable short in wheat. While the corn long fund is leaving, open interest is growing, so we are adding new shorts, not just longs quitting.  This adds a new layer to how we will trade on the 31st. if we get a friendly report and not only longs wanting back in but late to the game shorts wanting out.  SA weather could play a role as well.  Beans looked both sides of the buck and settled 1001, off 3/4 and a declining open interest from a fund short position.  Rice off 1/2 in quiet trade, 1318.  Dow churn but to the lower end after early strength couldn't find new suckers, 42,746, minus 160.  Bonds off 14 tics, 116.05.