Wednesday

Ugly day in the grain room with wheat down 30 cents, 745 1/2 and corn off 16 3/4 to 653 3/4.  Rice walloped for 62 to 1777 and looking $8 in the face again pretty quickly.  There were some 1760 and 1740 puts sold.   Might be worth watching after the open tomorrow for a sign of support.   Beans fared best only losing 8 3/4to 1483 1/2.  We could see a weather bounce Thursday or Friday, but the bulls have been put on notice.  Dow up 138 points, 33,416, and bonds gain a point and 9 tics, 127.16.  I would expect nothing much more than noise out of the financial room this whole month.  Fed will raise 50 basis points and change the wording to pause in February.  This may actually work until someone from the budget office explains how much this higher interest rate is going to cost us in taxes.