Wednesday

Wednesday trade revolved around the FED for the money boys, and FED 1/4-point raise was right on que.  Dow set up a big range and rallied from 33,624 low to 34,148 at close, off only 8 points from what could have gotten a bit ugly.  As it is, we now have a nice fat range to churn in until the next news flash.  Bonds pick up a point and 25 tics to 131.21, but really just back up near the higher part of the range.  Rice up a couple to 1784 1/2 and we found bids approaching $8 rice.  Wheat off 1 1/2 to 759 3/4 but really not a bad close for the day.  Corn picks back 1 1/4 to close 681.  Beans drop 17 3/4 cents, 1520 1/4 on soft oil and meal stall.  Nothing newsworthy to me but it just shows with the funds so long in the complex, this bull will need fed every day.