Wednesday

Weak trade in the grain room Wednesday with tariff concerns first in the minds of longs.  Interesting trade to me as the day finished with each of the grains violating some of my low expectations but then recovering to close above those levels.  Corn looks below 460 but closes 460 3/4, off 9 1/2.  Wheat looked below 550 but the 554 close was off only 2 3/4.  Beans play below the buck but again, recover to 1000 1/2, off 10 3/4.  It's not all friendly, but my point is we have buyers on the sidelines willing to buy the breaks, which allows us to trade.  Rice down 13 cents, 1384 as the short fund that wanted out, got out.  We did some new sales on the break, but so far not enough.  Dow had nearly 1000-point range, settling off 80 points, 41,395.  Churn machines printing money, you and me, not so much.  Bonds off 12 tics, 116.26.