Month end and March deliveries plus final quantities of the roll out put pressure on the whole grain floor Friday.  Big concern about how much tariff fallout is coming as well.  Switching to May futures with corn hit for another 11 1/2 cents, 469 1/2.  Except for wheat, everything lost 11 1/2 cents.  May rice, 1350 1/2 and may beans, 1025 3/4, all off 11 1/2.  It's like an Oprah episode.  555 3/4 wheat only off 6 3/4 cents, woohoo.  Dow on a big recovery day, 43,889, plus 592 points while bonds gain 19 tics, 118.10.  

Thursday exports a bit soft other than a stellar rice number.  Margin clerks hard at work blowing out any late longs in front of March delivery had a negative effect on the grains.  Doesn't help that the charts have gotten a bit softer, and the Trump tariffs are closer to taking effect.  I think a bunch of us are hopeful that the tariff details get sorted out over the weekend.  March corn hit for 13 1/2 cents, 464 1/2.  Wheat down 19 1/4 to 546 3/4. Beans firmer most of the day but close off 1 3/4 cents, 1022 3/4.  Rice March open interest still near 1000 and I don't expect deliveries at these prices, 1328, plus 6.  We will shift to May moving forward in the grains.  Dow strong out of the box but leaked all day and closed off 209 points, 43,297 while bonds slipped 18 tics, 117.23.

Hump day soft across trading floors with corn off 1 1/2 more, 478 2/4.  Margin clerks are working all the remaining longs thru Thursday close so that's a piece of the extra pressure.  We need to be out of all march futures longs by Thursday close.  Beans off 6 3/4 to 1024 1/2 and wheat down the same amount, 566 close.  Rice bear hammered May futures and March spread, and flat liquidation pushed us to new lows, 1322.  Again, I don't see the downward pressure source after the end of the week.  Dow off 184 points in a big churn range, 43,506 and bonds gain another 20 tics, 118.09.

Grains started messy again Tuesday but found footing thru the day and for the most part brought a stable close.  Corn a nickel off the lows, 479 3/4, off 2 3/4.  Rice traded to new lows but recovered to a penny better, 1345 1/2, and stronger in the May, where the funds now have most all their shorts.  300 strange options spreads added to new open interest as well.  Beans up 2 3/4 to 1031 1/4 and meal acts like we are priced to do even more exports.  This meal export season has had a longer tail than I expected, and that's a good thing.  Wheat off 6 1/4 cents, 572 3/4 and I don't have a decent read there.  Dow churned pretty big ranges thru the day and closed 155 points to the good, 43,690 and bonds gained a point and 10 tics, 117.21.

Was hoping for some stability in the financials after Friday weak trade and got it, just barely.  Bonds held the bump and closed 8 tics better, 116.11, but the Dow struggled to hold any recovery, 43,535, only 49 higher by the end of the day.   Grains all soft with wheat off 11 cents, 579 and corn down 8 3/4 to 482 1/2.  Beans lose 10 1/2 to 1029 and rice continues the reset, 1344 1/2, down another 15 1/2.  Grain markets looking for the new base and margin clerks calling longs in March futures putting pressure on liquidation.  Would expect this wave of lows to be set Friday possibly, along with March deliveries.  Spec has to be out of March grains by Thursday close to avoid deliveries.  

Dow a dog Friday and kept a weight on the rest of the floor.  43,486, off 782 points for a poor weekly close but still very much in churn trade ranges.  Bonds gained a point and 2 tics, 116.03.  I don't think that's a flight to quality so much as building a bit of a higher floor than was expected under the last leadership.  Wheat gained 4 1/2 cents, 590 as the only grain bright spot.  Corn off 6 3/4 to 491 1/4 as we abandon the $5 strike at options expiration and margin clerks will work the longs next week in front of March grain deliveries for the whole ag floor.   Beans down 6 cents, 139 1/2 and rice drops 35 1/2 to 1360.  We are dropping rice down to a point to attract some new business to replace the Columbia failure.  

Thursday trade lead by soy with a 13 3/4 cent gain, 1045 1/2.  Corn looked better but faded to only 1/2 cent gain, 498, anchored by the Friday options expiration $5 pin.  Wheat off again, 585 1/2, minus 6 1/2.  Oats did get a 15-cent bump.  More rice spread roll the feature but happening into weakness, 1395 1/2, off 4.  Dow rolling over, 44,268, off 443 points while bonds gain 13 tics, 115.01.  Dow had a 41 handle right before Trump was seated, so there is still a bunch of air below.  

Leaky and weak trade pretty much everywhere Wednesday with wheat leading the way down.  592, minus 12 3/4.  Corn off 4 1/2 to 497 1/2 and beans down 6 3/4 cents, 1031 3/4.  Don't forget Friday is options expiration at the close and export sales will be delayed until Friday morning.  Corn has a pretty decent size at the $5 strike so that should act like a magnet for the next few days barring some outside influence.  Dow closed up 68 points, 44,711 but was weaker most of the day and felt propped up at the end.  Bonds off a tic, 114.20.  

After a long weekend we got a reasonable bump in the grain room Tuesday with corn finally closing above 5 bucks, 502 close for a 5 3/4 cent bump.  It took another 26K of open interest to do it though.   Wheat held the buck as well, 604 3/4, plus 4 3/4.  Beans picked up 2 1/2 to 1038 1/2.  Rice was just spread roll with a thousand contracts moved, 1401, off 1/2 cent.  Dow churn trade but really weak in my eyes, 44,643, up 8 points while bonds fade 28 tics, 114.21.  

Wheat strong thru the day Friday and finally closed at 6 bucks, plus 22 1/4 to lead the rest of the grain room.  Corn picked up 2 1/4 to 496 1/4, but they added 15K of open interest to do it.  OI dropped 32K thru the last week, so they have the room.   As long as the funds want to keep their position, I'm not sure how we break much, but if they want out for any reason, we have a bunch of air below.  Global picture is friendly and now the press is starting its dance so that could make the reports more of a pivot point than a daily trade.  Beans picked up 6 to 1036 and meal is still below 300$ so we stand a chance of solid exports again.  Rice stalls and off 2 1/2 cents with over 1000 spread rolls and declining open interest.  1401 1/2.  Dow off 176 points in a churn trade because the sidelines is safer than the front line for a long weekend.  44,635.  Bonds up 17 tics, 115.17.