Wednesday was hump day and end of month and brought some interesting movements in certain products.  Dow grabs me the most after posting an early new record high at 38720 we faded over 400 points to close 38,280, minus 332.  Was this month end book juggling or a reversal top.  The longs will have to defend by the end of the week.  Bonds added a point and 3 tics, 122.11.  I was happy to see corn hold Tuesday action, 448 1/4 for 1/2 cent positive and beans do the same, 122 1/4, plus 3 1/2.  Wheat back below the buck on weaker global quotes, 595 1/4, off 10 1/4 and rice got knocked back down to support, 1786 1/2, off 31.  Decent volume there so be careful about size right now.  

Classic Monday/Tuesday trade and as we approach the month end talk of a key reversal getting some traction.  I see no reason why we would blow out of the recent ranges so don't drink the Kool-Aid too hard.  Beans ripped up 24 1/4 to 1218 3/4.  Wheat was good for a dozen, 605 1/2 and corn gained 7 1/2 cents, 447 3/4.  Rice held Monday gain and added another 8 1/2 to 1817 1/2.  More new money in the Dow, 38,612, plus 124 points for another record and bonds gained another 23 tics as well, 121.08.

Pretty weak Monday in the grain room with beans leaking 15 cents and giving up the buck, at least for now, 1194 1/4.  A 17K jump in open interest so we got a stack more suckers to the short dance and meal kept a decent bid.  Would look for a Monday/Tuesday trade.  Corn off 6 cents, 440 1/4 and wheat also breaking the buck, 593 1/2, off 6 3/4.  Rice got some late bids to bump us 10 1/2 higher, 1809.  There is still fresh money flowing as the Dow sets new highs, 38,488, plus 230 points while bonds pick up 31 tics as well, 120.17.  

Friday trade weaker with soy off 13 3/4 to 1209 1/4.  Meal dropped $9 in the front.  Wheat loses a dozen, 600 1/4 and corn followed, off 5 1/2 to end the day at 446 1/4.  Rice did bounce 2 cents, 1798 1/2 and it acts like it will keep its bid as long as the river does.  Dow trades to new highs, backs off 100+ but still 48 better to end the day, 38,258 while bonds slip 8 tics, 118.18.  

Exports Thursday morning didn't have any surprises, which wasn't so great for the soy complex.  Products leaked and after a brief soy run towards 1250 failed, we rolled over to 1223, minus 17 1/4.  Wheat held in, 612 1/4, plus 1 1/2 and corn only gave up 1/2 cent, 451 3/4.  Rice bull got us thru $8 cash and a 19 cent up move to 1796 1/2.  River and trains are still buying.  Dow had extra money floating around, 38,210, up 231 points and bonds gained 19 tics as well, 119.26.

Decent continuation up in the grain room Wednesday with wheat and rice leading the way.  Wheat pops 14 1/4 to 610 3/4 and bid to the close.  Rice pressing $8 cash again with a 34-cent rally, 1777 1/2.  Corn up 5 3/4 to 452 1/4 but seemed to be pulled by wheat more than walking on its own.  Beans struggled to 1240 1/4, plus 3/4 after trading 1246 early.  Dow looked like it was going to post new highs but fell over, 37,979, off 110 points.  Not a giant signal, but this giant looks a bit wobbly to me.  Bonds off 19 tics, 119.07.  Still in the trading range, abet near the bottom of it.

Beans lead the strength Tuesday with hotter forecasts in Argentina and possible strikes getting some press.  Meal got a 5 buck bounce and soy up 15 1/2 to 1239 1/2.  Wheat trades a dime better but fades to 596 1/2, unchanged.  Corn looked up 450 but faded to 446 1/2, plus 3/4.  Rice off a dozen, 1743 1/2.  Seems like one of the long funds is getting impatient.  Dow drops 110 points, 38,089 and bonds give back Monday rally, 119.26, minus 29 tics.  

Monday saw a basing action in the grain room with beans up 11 cents, 1224 1/4 to lead the way on the back of a solid soy oil market and decent recovery from lows in the meal.  Heat finding its way back into the Argy forecast.  596 1/2 wheat was 3 1/4 better and corn gained 1/4 cent, 445 3/4.  Rice slipped 8 to 1755 1/2 in quiet trade.  Dow continued it upward melt, 38,199, plus 154 points and bonds trying to base as well with a 23-tic gain, 120.23.  

Dull Friday trade in the grain room but a few things to note.  Corn up 1 1/2 to 445 1/2 and open interest up 23K more so I'd expect the fund short to be getting near capacity.  Fund short 260K as of Tuesday close and wouldn't be surprised if its near 290K now.  Thats a lot of confidence in a South American corn crop that isn't even planted.  Beans off 1/4 after an early run up faded, 1213 1/4.  I struggle to bully soy oil more down here and there was a big pop in Friday oil open interest, while meal OI dropped in the break.  $3 carry in the May/July meal (I hated K/N spreads when I was on the floor in the meal pit) is expected but no carry anywhere else doesn't give the funds a platform to aggressively short meal and their huge, long position is now unwound to a small short.   I have the bean short position near 90K now and wonder how much new money is willing to commit to a short at the lows.  Wheat bounced 7 3/4 to 593 1/4 and it really doesn't like it much below 6 bucks.  Doesn't seem to like it much above 6 bucks either.  Dow ramped up 386 points to new highs, 38,045, because the economy is so perfect?  Bonds up 3 tics, 120 even.  I'll be shocked if we are still here in a week.  

With exports delayed to Friday we tested lows in corn and soy early Thursday but bounced with corn back to a penny and 3/4 better, 444 and beans up 7 3/4 to 1213 1/2.  Wheat gained 3 as well, 585 1/2.  Rice off 4 1/2 to 1760 with $8 cash rice still a ceiling.  Dow recovered 201 points, 37,659 and bonds off 28 tics, 119.19.