Ugly day in the Dow Wednesday as global concerns about reoccurring Wuhan virus in the EU are triggering more talk of complete lock downs in Germany and France. We have our own election day issues upon us. Dow closed off 956 points, 26,409 but surprisingly, or maybe not so surprisingly but still noticeable, bonds actually lost 2 tics, 174.01. Normal big breaks in the Dow bring a flight to quality, but this is more a re balance than a flight. Spill over into the grains as we approach first notice day in a market full of spec longs, beans drop 25 cents in Nov as 35,000 contracts find the exit door in one day. On a positive note, meal bounced $5 from the lows and seemed to be pricing. Wheat off 7 cents, 608 3/4, but still a solid market price. Corn got hit for 14 1/2 as well, 401 1/2. Rice is awaiting deliveries for our next direction with OI down to only 768 in Nov, but no carry in the spread. Looks like we will see 2 commercials dance. Someone is long, someone short. Same story in the beans. No carry today means cash is tighter than they care to let on. Biggly different reasons between the two crops I would stress, so should be managed accordingly. Have 1000 geese in the air here today, so the seasons they are a changing.
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