Wednesday

Wednesday global uncertainties and re balance of books in front of Thursday WASDE report gave corn a 2/12 cent bounce to recover Tuesday dull soft close, 488.  Rice picked up 6 as well, 1593 with rumors of some export based bids for late in the year.  Wheat off 2 1/2 and hard to explain other than the fat carry charges.  556.  Dow up 56 in a dull churn trade, 33,992 and bonds up a point and 10 tics, 113.12.  If and when the war escalates I could easily put bonds north of 120 so I wouldn't want to be short any material amount today, but given global issues and changes in FED speak, this isn't some stellar showing in the long end of the curve.