Wednesday

Hard down day Wednesday in the beans, 1538 1/4, off 36 with some pretty clear fund long liquidation.  Meal weak as well but getting back near where demand should show up.  Wheat off 18 3/4 to 679 1/4, and early crop reports are favorable.  Corn bounced 20 cents from the lows to close unchanged, 658 1/4.  More China sales on the books for new crop.   Rice had an early push down again but recovered to 1336 1/2, plus 1 1/2 and maybe the bear has moved the market near where he wants.  Dow off 165 points, 33,831, but that's 400 off the lows.  Bonds off 20 tics, 156.02.