Wednesday

Big Wednesday in the wheat as the fund short got wacked. 57 cent rally to 727 3/4.  Open interest up just a hair so I say fund short puked to a commercial willing to sell.  Corn up 16 3/4 to 545 1/2 and that was certainly fund short liquidation.  Beans up 13 1/4 cents, 1432 in the Sept and Nov got over $14 which I am sure is attracting country selling, as it should.  Rice has the strongest global story to me right now but struggling a bit, still a 7-cent gain, 1564 1/2.  Dow poked over 35,400 but faded back to 35,253, up 111 points and the bonds ramped up 29 tics, 127.22.  In this environment, unless we roll over with depression talk, it should be hard for bonds to stay above 128.