Corn trades 502 on Wednesday, but fades to 495 to close 3 1/4 higher. OI continues to build. Beans 14 1/2 higher, 1361 1/2. Rice up 8 to 1269 and a curious 200 lot spread appears to have traded in January so you can expect new deliveries. Near full carry, so it makes little sense. Wheat stepped back 6 1/2 cents, 647 1/2. Dow expanded the top side to 30,720, plus 435 while the bonds dropped 2 full points, 9 tics. We knew the bonds were lulling the world to sleep, but the inflation trade is starting to show its ugly head. This may in fact be the biggest struggle of the next administration. That is a bold statement not made lightly.