Wednesday

Wheat caught a bid as Europe is not in the bag by a long ways, and some black sea price fluctuations put wheat up 15 cents, 513 3/4.  Corn quietly off 1 3/4 to 319 1/2.  Went to Indiana yesterday and no shock, but just lots of ponding.   We still have lots of corn and expected bigger carryover in the future, but these rains have stolen some pretty invisible acres.  Beans gain 4 1/4 with more Chinese sales rumored, 846 3/4.  Rice closes 1608 1/2, up 1 1/2 with half the remaining receipts cancelled.  Been waiting on that for a while, wondering if it would come.  Dow churns right back up yesterdays losses, 24,519, plus 361, while bonds regain a full point to 179.20.  Its really quite amazing just how consistently the computers can churn every market.