Friday strength across the grain room as Funds buy everything ag for a potential inflation play, or maybe just money re allocation.  Corn up 5 1/2 cents, 438 3/4 and wheat pops 19 1/2 to 591 1/4.  Beans gain 9 1/2 to 1157 1/4.  Rice short fund looks around and sees he is the last seller at the dance.  We get a 45-cent bounce on only 109 covers, 1039 1/2.  Dow off all day on the new military strikes, 49,000, minus 531 points while bonds get another 19 tics to the positive, 118.28.  Will be switching to May futures in ag moving forward and June in the bonds.

First intentions for March deliveries Thursday kept things quiet, and exports brought no new surprises.  Corn gained 2 3/4 to 433 1/4 and wheat was up 6 cents, 571 3/4.  Beans looked higher, lower, but closed a big nothing, 1147 3/4, off 1/2.  Rice gained 4 cents, 994 1/2 with yet another day of fund selling with no fund reward.  Dow in standard churn trade, 49,531, off 3 points and bonds gain 12 tics, 118.09.

Humpday trade mostly firmer as the Dow continues its recovery, 49,534, plus 298 points and bonds only slip 4 tics, 117.29.  Money still out there.  Corn picks up 2 3/4 to 430 1/2 and beans gain 8 3/4 to 1148 1/4.  Wheat can't keep it upward push but is staying mostly stable, 565 3/4, up 1 3/4.  Rice bear funds fired at least 500 more sells into the market, and we shook it off, 990 1/2, up 4 1/2.  3 days of pretty big selling for no real gain.  First intentions on Thursday close, so make sure you have moved any March positions.

Tuesday recovery in the Dow, 49,236, plus 387 points and bonds just sat stalled, 118.01, up a tic.  Took the financial risk off the table.  Corn tried to look higher is a quiet day but only managed a 1/4 cent close better, 427 3/4.  Same but worse with wheat, 567 1/2, minus 2.  Beans funds continue their buying push, 1139 1/2, up 5 1/4.  They are long a ton of beans and oil, so pretty soon they will need a government announcement, or they will be out of bullets.  Rice bear continues the hits, 986, minus 12 1/2.  Funds have sold a lot of rice in the last 3 trading days and even though it hurts, they really have added a bunch of shorts without a big credit.  Will be interesting to see what happens after first notice, and I would caution that the ramp up this time has a real possibility to be much sharper than the last one.

Tariff talk has the Dow down 825 points, 48,849 Monday and the bonds gain 19 tics, 118 even.  Not any real spill over to the grain room as corn is a wash, 427 1/2 and wheat leaks 4 to 569 1/2.  Beans off 3 1/4 cents, 1134 1/4 and the short fund hits rice again, 998 1/2, minus 18.  All grains could have a bit of pressure this week as we roll into first notice on Friday. 

I'd say options expiration was the primary driver Friday. Corn split strikes, 427 1/2, plus 1 3/4 and wheat pops with fund shorts running for the door, 573 1/2, up 14.  Rice pushed lower with new fund selling but closed unchanged, 1016 1/2, giving the money boys nothing for their trouble.  Beans slipped 3 1/2 to 1137 1/2 as we may have priced in bio for now and meal north of $310 gets to be a harder sell on the global market.  Trump Tariff ruled against by the Supremes, but the tariffs will stay, the methods will change.  In my 61 years, I have never seen a politician let a tax slip away from them, and at this scale, no chance.  Financials confirm with the Dow in a standard up churn Friday, 49,674, plus 216 points while bonds leak 8 tics, 117.13.  

Thursday trade has to wait a day on delayed exports for fuel, but wheat shorts looking for the door put us up 12 1/2 cents/ 559 1/2.  Corn options expiration Friday off 1 1/4 to 425 3/4.  Beans up 7 1/2 to 1141 while rice is off 11 cents, 1016 1/2.  Dow spends the day in lower churn, 264 off on the close, 49,458 and bonds sit in a tight trade, 117.21 plus a tic.

Humpday trade in a short week had a few curve balls.  Beans wanted to rip to new highs but faded a dime from the top to close off 1/2 cent, 1133 1/2.  Still a higher low for the chart people but help us when the next high low gets taken out late.  Wheat short still looking for the door with no continuation from Tuesday selling, 547, plus 9 1/4.  Options expiration taking the life out of corn, 427, up 3/4.  Rice bear turned on the push button and we dropped 48 cents, 1027 1/2.  Back down to where the river should get some second looks.  Dow in a standard churn, again, 49,722, up 110 points while bonds slip a dozen tics, 117.20.

After a long holiday weekend wheat finds itself without a sponsor Tuesday and fades 11 cents, 537 3/4.  Corn drops 5 1/2 to 426 1/4 and rice gets hit for 26 1/2 cents, 1075 1/2.  Beans look lower but hold on for a penny gain, 1134.  Funds are long nearly 150K contracts of beans by my count, so beans are where they have to make the stand.  March Options expiration Friday surely having some effect on all the grain trade.  Dow had another big churn day with little to show for it, 49,612, plus 43 points while bonds quietly gained another 7 tics, 118 even.  

Corn held up best Friday as we are stuck around the 430 strikes, probably for the next week until option expiration.  Big open interest in both puts and calls force the market to have something significant to get away from the Delta trade effects.  431 3/4, plus 1/2 cent.  Wheat off 3 3/4 to 548 3/4 and beans down 4 1/4 to 1133, although beans bumped a dime off early lows.  Rice down 18 cents, 1102 as some start to wonder how we are going to clear another large carryover.  Dow in another churn day, 49,569, plus 46 points while bonds gain another 16 tics, 117.25.  Bonds should be on everyone's radar by now.