Night trade in front of Mondays session was nervous as issues arose in the truce, but by morning most of the Dow losses had been recovered and trade was tentative thru the day but not really a fear trade anywhere.  Dow ended the day of 2 points, 49,639 and bonds gained 2 tics, 114.21.  Nothingburger.  Wheat picked up 5 3/4 to 597 and corn up 3 1/4 cents, 452.  Over 60% of the country is in some sort of drought condition, and wheat acres lead the way.  Of course, wheat acres by their very nature would in most dry years.  Beans drug down by weak meal, but still only off 1 1/2 to 1165 3/4.  Rice seller came later to push us 6 1/2 lower, 1103 1/2 and he added a fair amount of OI to do it.  

Strait is open for business; all is well and back to normal.  That was the sales pitch for Friday morning anyway.  Dow opens higher, never looks back, up 1150 points at one time and closing 874 points to the good, 49,641.  Bonds over a full point better on the highs and 27 tics to the good on the close, 114.19.  This used to be a lower area to me in the bonds but now it is nearing an upper area without some material financial changes.  Grains in the hole early but a nice recovery thru the day got corn a nickel off the lows and 1/4 better on the day, 448 3/4.  Beans a dozen off the lows, 1167 1/4, plus 3 1/2.  What worries me about the beans was the 16K of open interest decline in the rally.  Rice up 26 1/2 to 1110 with 1600 contracts roll, but a drop in open interest as well.  Big bulls get fed with new open interest, not players leaving the dance.  Wheat off 7 1/4 to 591 1/4.  There is only 8 cents carry in the K/N spread and for a bear to work in wheat, part of the juice is the amount collected in the carry roll, so this takes some of the pretty away from a long term short.  

Great rice exports but nothing else Thursday for morning juice.  Didn't matter.   Rice leaks 7 cents, 1083.  Beans off 3 1/4 to 1163 3/4 and corn off 2 3/4 to 448 1/2.  Wheat gets a slight bounce to 598 1/2, plus 4 3/4.  Churn day in Dow again, 48,767, up 98 points, and bonds start back down, 113.24, minus 19 tics.  

Grain room had a bid for Humpday trade with corn leading the way after starting the bounce Tuesday, 451 1/4, plus 8 1/4 on the day and erasing several days of selling pressure.  Beans up 9 to 1167 and wheat, after spending some of the early trade lower, found a bid and closed up 1 3/4 cents, 593 3/4.  Wheat did seem labored and if in fact the Iran issue is settling down, I suspect the just in case buying will soften as well.  Rice picked up 12 cents more for a nice 2 day move up, unusual for the middle of the month, 1090 1/2.  Financials give back a little of Tuesday bids, Dow off 86 points, 48,669 and bonds slip 10 tics, 114.11.

Follow thru buying in the financial room Tuesday with the Dow up another 330 points, 48,755 and bonds up 19 tics, 114.21.  That's big money telling us that Iran is winding down.  Wheat up another 9 3/4 to 592, still sub 6 bucks and we do have some weather stories domestically in winter wheat areas.  Corn recovers to 443, plus 2 3/4, bounce in rice too, 1078 1/2, up 12 1/2.  Beans wanted a rally but ended off 4 1/4 cents, 1158.  

Monday was an interesting trade from Sunday night info through the close.  It looked like things were about to blow up in Iran, then Trump says everything is cool Monday morning, door dash McDonalds in hand, and Dow winds up 296 points higher, 48,425.  Bonds up 9 tics, 114.02.  Not the action one would expect with a potential prolonged blockade.  Wheat instability in focus with a 11 1/4 cent pop, 582 1/4, but that just absorbed late last week softness.  Beans hit for 13 1/2 to 1162 1/4 and the rice bear seller attacked late to get us 13 1/2 lower, 1066.  Corn on the lows of the day but only off 3/4 cent, 440 1/4.  

Meal bids the feature Friday and that kept soy higher, 1175 3/4 close, plus 10 1/2.  Wheat leaked another 3 1/2 to 571 and corn slipped 3 cents, 441.  Rice fund seller pushed all day and finally got some downside momentum, 1079 1/2, minus 11.  Dow gave back Thursday gains, 48,129, off 287 points while bonds slip 11 tics, 113.25.

WASDE didn't bring many surprises Thursday.  Wheat still a dog, 575 1/2, minus 5 3/4 and dragging corn with it, 444, off 3 1/4.  Beans held up and gained 3 1/4 at the end of the day, 1165 1/4.  Bearish # for rice, 1090 1/2, off 15.  Financials had a normal for now churn trade, 48,416, plus 272 points and bonds leaked 2 tics, 114.04.

Strait news not all that friendly to me but there is a limited truce with Iran, and the markets took that as a win.   Dow rips 1332 points higher, 48,144 and bonds gain 22 tics, 114.06.  Bonds had a 115 high, and I would have liked us to settle closer to the high of the day then we did.  Wheat off 17 3/4 to 580 1/4 and rice off 9 cents, 1105 1/2.  Corn only off 1 3/4 cent, 447 1/4 and beans got back higher on the day, 1162, plus 3 3/4.  Given the pressure soy oil took, that's a pretty decent close.  

Tuesday trade tentative based on Trump lighting up the middle east at 8pm.  Corn off a nickel, 449 as on farm stocks are weighing on the market in spite of solid exports.  Beans off 8 1/2 to 1158 1/4.  Wheat gained 2 3/4 cents, 598 and rice picked up 6 1/2 as well, 1114 1/2.  Dow spent most of the day in lower churn style trade but recovered to close off only 90 points, 46,812.  Bonds give up 12 tics, 113.16.