China buying is the lead story for Wednesday, with corn gaining 8 1/4 to 317 1/2. Funds are short over 160K of corn by my count, Options guys only know how to sell calls, farmer isn't motivated to grow a record crop, and china is buying. What could go wrong with a short position? Beans up 4 to 834 3/4 with china flash sales. Rice up 68 1/2 to 1582 1/2 as the old crop shorts are being squeezed mercilessly. Wheat closes 543, off 3 3/4. Dow up 427 points, 23,356, and bond slip a point and 9 tics in range bound churn, 180.31.
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