Wednesday

First of the month trade looks like it brought a little new money to the table.  Corn down 22 1/4 to 731 1/4 with follow thru selling, but open interest is up, not down.  Thats not the way long liquidation works.  Wheat off 46 1/4 to 1041 1/4.  I still don't see anything globally that changes my opinion that this is a 10–13-dollar product that the casinos run.  At least wheat had the decency to drop a little open interest.  Beans up 7 to 1690 1/4 and meal got a chance to test 410. China is reopening and I would guess we have some pent-up demand over there. A flash sale was announced.  Rice down 41 cents, 1713 1/2 with the bear pushing late and some spread roll finally showing up.  I welcome a bit lower pricing because I think it opens the door to new export sales.  Might make finding a home for those July receipts an easier job as well.  Dow in a common churn trade and off 173 at the end, 32,798, and bonds slip another 26 tics, 139.20.