Wednesday

Wednesday trade in front of WASDE tomorrow and export sales is just looking for direction.   Corn got 3 cents back from the Tuesday break, 434 1/4.  Wheat was a dime better early but faded to 3/4 better by the end, 558 1/2.  Meal off 4 1/2 bucks and soy drops 9 3/4 to 1164 3/4.  I believe beans have priced in a bit of a bearish report recently so we might be setting up a sell the rumor and buy the fact trade Thursday at 11.  Rice up another 53 1/2 to 1715 and over a dollar rally in the last 2 days.  New short sellers got their hand whacked too long in the cookie jar.  Not a fan of the open interest drop in May and lack of spread roll.   Financials hits bonds down 2 points and 13 tics while the Dow drops 439 points, 38,757.  Higher for longer inflation is the story but I'm starting to wonder if globally we are losing the capacity to put the genie back in the bottle.