Wednesday soy complex firm early, set back a bit, but powered into the close with beans 24 better at the end, 1209 1/2. Corn had nothing, 439, minus 1/2 cent and wheat leaked 7 1/2 to 545. Rice open interest slowly fading, 1769 1/2, off 3 1/2. Fed speak between the lines to me is willing to accept a higher rate of inflation and expects to cut rates 3/4 point in 3 stages by the end of the year. It is probably impossible to get sub 2% inflation with the government printing press that is currently without equal in the history of this country in peacetime economies. Dow loves this, 39,940 for a 401-point rally to new highs. Bonds languish, 118.26, plus 3.
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