Wednesday

Risk on trade Wednesday pretty much everywhere as there were some Fed indications that we might only see a 1/4 point bump (I still look for 1/2 in May).  Dow popped 343 points, 34,482, and bonds gained back 24 tics, 143.06.  Weaker meal was used to try to push beans down, but strong oil and real bean demand got us back 5 3/4 higher by the close, 1676.  Wheat held all the recent rally and added another 9 3/4 to 1113 1/2 and corn picked up 7 1/4 more in old crop, 783 1/2.  Rice even gained a nickel with spread roll the main feature and some business being reported, 1576.  Weather and competing prices are stealing rice acres every day, and that will have longer term legacy effects, not only here, but in the other southern hemisphere exporting countries.