Wednesday

Financial room took the heat out of Wednesday trade with the Dow off 634 points, 33,386, and bonds popping up two full points and 11 tics to 132.02.  I get the Dow being overdone to the upside for now, but I would argue that the bonds flight to quality is excessive.  Weak economic data being pushed as a drag on everything.  Corn gave back 4 cents of Tuesday gain, 681 1/4 while wheat lost 9 1/4 to 742 1/2.  Long side profits in wheat sure don't seem to stay around very long.  Beans tried and failed at 1550 and we closed 15 1/4 lower, 1524 1/2.  Meal and bean chart look awful soft to me, and at this point I'm biased.  Rice quiet day, 1797, plus 3 1/2.