Meanwhile back in the real world

As you will probably already have seen pretty much everything closed limit down across the board tonight with the odd exception here & there.

May beans ended 50c lower at $12.57 and are trading synthetically after the close at $12.24/12.26 which suggests it'll be a further 30c lower in the am.

Wheat closed down the 90c limit but the Gyppo's who passed on a tender pre-the opening actually bought some after the close so that may add a small amount of support in the am. However Auzzie conditions look good at the mo, the International Grains Council said global output will rise 7% in the year thru Jun 2009.

Gold had its biggest one-day dollar decline in 28 years hitting $945.30 in New York having hit $1033.90 just two days ago!!

Crude also bombed closing at $104.48 and is $102.10 as I type from a high of $111.80 at the beginning of the week.

You name it look at the headlines: "Cotton plunges exchange limit", "Sugar drops the lowest in two months", "Fed can't save stocks today"