Wednesday

Wednesday trade really a reset day with the Dow off 400 but recovering to 55 lower, 30,310.  Bonds lost a full point and 28 tics to 126.26.  Fed is telling the market that they will keep rates high longer, and the market is telling the Fed that will put us into a depression.  Wonder who will be right, the Fed or the market.  River freight is thru the roof and basis has collapsed, so beans off 13 3/4 to 1369 3/4 may just be the start. Wheat lost a penny, 902, and corn gained a penny, 684.  Don't forget there is 3 gallons of gas in every bu of corn.  Another liquidation day for the long in rice but still close 1/2 higher, 1697.