Show Me The (Fund) Money

Fund money may have bought a few wheat contracts last night but they aren't in evidence en-masse in the grains pits at the moment.

"Rebalancing" and "laggards" are the words of the moment. The funds will start rebalancing and buying laggards on Friday various news wires are telling us.

But for today it seems we can expect some profit-taking after wheat posted some decent, but largely unjustified, gains last night.

Early calls for this afternoon's CBOT session are soybeans up 3-4 cents; corn and wheat flat to down 2 cents.

Maybe the funds might be interested in some of those chocolate fireguards I've got in the shed? Or my boxed collection of classic episodes of Eldorado on Betamax?