Wednesday

FED did drop rates Wednesday and took out 1/2 point instead of .25.  Still a buy the rumor sell the fact day, with bonds losing 26 tics, 126.02 and the Dow off 128 points, 41,909.  Those are tight enough numbers to not read much into but be careful catching the knife if either roll over thru the rest of the week, especially in bonds as I believe they mostly want to flatten the yield curve.  Pretty tight ranges in the ag room as the issues of export, river logistics, harvest of a crop that probably won't get any bigger with a lot of harvest time for damage, SA hot and dry, and more all fighting for which direction that ultimately the funds think they can push us.  Wheat unchanged, 575 3/4, corn up 1/4 cent, 412 3/4, and beans up 8 to 1014.  Rice got another 14-cent bump as the buyer keeps coming and we need to see some outsized exports soon.