Friday trade softer in front of some nervous thoughts of how the weekend will unfold.  And a metal meltdown.  Dow was softer all day and needed a 400-point bounce from the lows to still close off 162 points, 49.008 and bonds aren't the flight to quality tool of years past, 115.04, minus 3 tics and relegated to an afterthought.  Beans loose 8 cents, 1064 1/4, wheat slips 3 1/2 to 538 and corn off 2 1/2 to 428 1/4.  Rice gives back 9 cents of the Thursday bump, 1103 as we are still getting farmer basis pricing.  

Good exports for Thursday morning but not the kind of follow thru that has legs, at least for now.  Wheat up 5 1/2 to 541 1/2 for the best showing but lead by the biggest short covering.  Corn stayed positive, 430 3/4, plus 3/4 while soy leaked 2 3/4 to 1072 1/2 and really looked worse.  Rice short cover continues against basis selling, 1112, up 11.  Dow had a 700-point churn for exactly 3 points to the good, 49,170 and bonds up 4 tics, 115.07.  A day that mostly could be forgotten.  

Grains got a bid Wednesday with wheat plus 12 3/4 to close 536.  corn along for 3 1/2 to 430 and beans gain 7 3/4 as well, 1075.  Rice up a nickel with continued liquidation as the big short is still buying his way out.  1101.  Financials pretty chill with bonds leaking 14 tics, 115.03 and the Dow up 8 points, 49,167.

Dow gives back Monday bump and a little more for a Tuesday break of 406 points, 49,159 and bonds leak 10 tics, 115.17.  Beans recover most of Monday break, 1067 1/4, plus 5 1/2.  Rice up 2 1/2 to 1096 and getting some basis pricing from the country and wheat stalls but holds, 523 1/4, up 3/4 cent.  Corn slips 1 3/4to 426 1/2.  

No real follow thru buying in the grain room Monday after wheat lead us higher Friday.  Wheat gives back 1/2 its bump, 522 1/2, minus 7 while corn slips 2 1/4 to 428 1/4.  Beans off 6 cents, 1061 3/4.  Rice short continues looking for the door as open interest in March off more than 400 on the 28-cent rally, 1093 1/2.  Dow up 302 points, 49,565 and bonds pick up 16 tics, 115.27, so the money is still flowing, even if it is just a churn.  Trump in Iowa Tuesday afternoon and I expect some kind of comment on year-round E15.  Brazil internalizes its corn production with ethanol, why can't we? That 100% of the carry over if enacted and we are globally well priced now anyway.

Wheat leads the grain room Friday with a solid 14 cent rally, 529 1/2.  Corn follows for 6 1/2 cents gain, 430 1/2 with killer big export sales.  Beans up 3 3/4 to 1067 3/4 and rice stuck in a lull, 1065 1/2, minus 3.  Dow gives back Thursday gain, 49,263, off 295 points and bonds pick up 5 tics in a dull trade, 115.11.

Thursday trade driven by stability in the financials with Japan Debt market correcting and US Bonds gaining another 7 tics, 115.06.  I always wander if these smaller events are dry runs at bigger targets, so my radar for US long term debt is up for a while.  Dow up 293 points, 49,558 and totally erasing the Trump pre-Davos break.  Wheat hoping to finally find a floor, 515 1/2, plus 7 3/4 and corn recovered Wednesday drop, 424, up 2 1/4.  Beans wanted to be better but just kept getting offers, 1064, minus 1/2 cent and rice slipped 10 1/2, again giving back Wednesday gain, 1068 1/2.  Lots of churn for not much cheese in the grain room, and in the financials too.  

Humpday trade has Trump in Davos but no explosion about Greenland by force and Japan Debt finance seeming to stay contained.  Dow pops back 599 points, 49,265, and bonds recover 23 tics to 114.31.  Rice up another dime, 1079 and beans got a nice bid all day, 1064 1/2, plus 11 1/2.  Can't rap my head around the bean strength as wheat slips 2 1/2 to 507 3/4 and corn off a couple as well, 421 3/4.  Bean oil was strong on possible extra biofuel talk, but then what do we do with all the meal?  Time will tell.  

Japan debt breaking with an unusual spike in long term rates and that is spilling over to our bonds, and really to the global debt structure.  Bonds Tuesday off a point and 6 tics, 114.08.  I couldn't put my finger on why we just couldn't rally our bonds, but the global picture is the problem, and I wonder if Trump wants to weaken our dollar to benefit domestic manufacturing and our exports in general.  This is a tidal shift as we have executed strong dollar policies my entire life.  Dow off 881 points on fear of what Trump says in Davos.  48,666.  Corn leaks a penny, 423 3/4 and wheat drops 7 3/4 to 510 1/4.  I find the wheat action odd in front of the icy weather called for.  Beans off 4 3/4 to 1053 and rice gets a 9-cent pop, 1069.  The short wants out of rice.

Pretty decent trade Friday to end the week with wheat leading, 518, plus 7 1/2 and corn following the lead, 424 3/4, up 4 1/2.  Beans gained 4 3/4 to 1057 3/4 and rice limped home unchanged, 1060.  Dow off 92 points but still mostly held for the week, 49,547.  Bonds off 28 tics, 115.14 and Bonds are acting a lot more like the big money guys fear return on capital more than return of discounted dollars in the way distant future.