Wednesday

Wednesday trade news led by bean oil short covering, which helped beans gain 6 3/4 by the close, 1117 1/2.  Corn slipped 2 1/2 to 405 1/2 and wheat was off 7 cents, 574.  Rice lost another 7 to 1499 as the committed bear sold a pretty good volume more.  This does provide a good lesson in observing who and how much.  Bean oil fund short was disproportionate and seasonally risky, and now they are paying a lofty price to buy their way out of the short.  Reality is that they made a lot of longs give up first and those computers are good at harvesting your misery.  Corn fund shorts are obviously over their skis, but they can stay silly longer than some can stay solvent.  Rice short is clearly on an agenda by now and Monday afternoon commitments should give us a clue of who.  Quiet Dow off 52 points, 39.646 and bonds recover a point and 11 tics, 118 even.