Weak open Friday but after testing lows we got a solid bounce in all the grain room.  Beans put on the best show, 1009 low early then a solid 14 cent bounce and possibly breakout to the upside, 1023 close.  Plus 6 1/4.  Corn bounced 11 off the lows to close 3 1/4 better, 453 1/4.  Wheat set new lows, 517 before a nice recovery to 528 1/4, still off 3 3/4 but a heavily weighted short in the funds looking at no more juice for the squeeze.  Pretty quiet rice trading either side of unchanged and a nickel better close, 1351 1/2.  Dow hammered for 751 points, 41,851 and bonds picked up a point and 14 tics, 117.03.  Could be a violent Monday in a whole lot of markets. 

Nothing stellar in exports other than a solid rice number to give any fuel to the grain room Thursday, but consensus that the bean acres will be off significantly on the 31st gave soy a 15 3/4 cent pop, 1016 3/4. Rice up 28 1/2 to 1346 1/2 on the good exports and an oversold market in general.  Corn couldn't get anything going, 450, minus 1 1/2 and wheat lost 3 1/4 to 532, dancing with recent lows.  Dow churn but lower again, 42,602, off 144 points while bonds slip 16 tics, 115.21 and into some support.

Humpday trade still seeing softness in front of month end reports.  Corn off another 6 1/2 to 451 1/4 while wheat drops 8 cents, 535 1/4.  Funds have liquidated most of their corn longs by now, I am guessing down to 75K or less and are a sizable short in wheat. While the corn long fund is leaving, open interest is growing, so we are adding new shorts, not just longs quitting.  This adds a new layer to how we will trade on the 31st. if we get a friendly report and not only longs wanting back in but late to the game shorts wanting out.  SA weather could play a role as well.  Beans looked both sides of the buck and settled 1001, off 3/4 and a declining open interest from a fund short position.  Rice off 1/2 in quiet trade, 1318.  Dow churn but to the lower end after early strength couldn't find new suckers, 42,746, minus 160.  Bonds off 14 tics, 116.05.

Weak day in the grain room again as funds are shopping the downside and buyers are waiting for better information.  460 area broke in corn and the short side pushed us to 457 3/4, off 6 3/4.  $10 bucks tested in beans, but we held, 1001 3/4, still off 5 1/2.  Wheat dull trade off a nickel, 543 1/4.  Rice sell system had us off 18 cents, 1318 1/2.  These grain computer systems want to push us into stops and fear selling, but they don't really want to sponsor the move in my eyes.  Dow churn couldn't get any big upside but still held the recent move, 42,906, plus 8 tics while bonds gain 6 tics, 116.19.

Monday grains lead by nervousness in wheat, off a dime, 548 1/4.  Beans held better, off only 2 1/2 cents, 1007 1/4 and corn closed up 1/4 cent, 464 1/2.  Rice slipped 5 1/2 to 1336 1/2.  Lots of concern leading up to month end reports and 4/2 tariffs.  Big unknowns.  I have seen corn guesses as high as 96 mil acres.  I don't think that is possible, but it doesn't mean it can't print.   Dow ran out of sellers and options coverage that expired Friday, allowing a nice 579-point pop, 42,898 while bonds dropped 31 tics, 116.13.  

Friday corn leaked 4 3/4 to 464 1/4 and beans off 3 1/4 to 1009 3/4.  Seems like the markets don't want to get too far away from 460 and 10.10, but I wonder how long we can stay in this pattern.   Wheat up a penny, 558 1/4.  Rice gained another 11 cents as we claw back out of the fund sellers' hole, 1342.  As you look at all the grains and what effects 4/2 tariffs might bring, we import way more rice as a percent of exports or consumption than any of the other 3.  Canada with oats could do some interesting things domestically as well.  Dow spent Friday in a mostly lower 600-point early churn before finding footing to get 33 points better by the close, 42,319.  Bonds off 11 tics, 117.12.

Solid corn exports lead the Thursday action and corn gained 7 cents, 469 to end the day.  After a strong expected open the market looked like it might falter and wheat and soy trade didn't help, but corn really held its ground and pushed higher to make the solid close. We are in the higher area of where I thought we might trade in corn right now, but you have to respect this action.  Beans traded both sides but did manage a 4 3/4 better close, 1013 while wheat lost 6 1/4 cents, 557 1/4.  Rice pressed lower again early by the system but couldn't find stops and we fully recovered, 1331, up 3 1/2 and bid.  Dow churn for nearly 600 points and 44 lower close, 42,286 and bonds gain 6 tics, 117.23.  Thats a full point off the high tic. 

Humpday trade lead by the Dow churn, recovering all Tuesday loss and more, 42,330, plus 392 points but I must remind you this is just computers with a bigger churn range.  Bonds up 8 tics, 117.16.  Rice got another punch in the nose, 1327 1/2, off 25 1/2 in more of a lack of buying than new selling break.  Computer is just trying to force any longs out.  Time and money can be a toxic combination, like they did to corn last fall.  Corn the lone higher Wednesday grain trade, 462, up 3 1/4 and expecting a solid export number Thursday.  Beans off 4 1/2 to 1008 1/4 and wheat off 1 1/2 to 563 1/2.  Wheat acts tired.  

Financials give back most of Monday gain during the churn trade Tuesday with the Dow off 287 points at the end of the day, 41,938 while bonds picked up 9 tics, 117.08.  Bonds having a hard time breaking with short rates expected to drop between 1/2 and 3/4 point this year.  Grain room pretty dead with wheat giving back 3 1/2 cents, 565 and corn off 2 1/4 to 458 3/4.  Seems like 460 is a magnet for corn.  Rice claws back a nickel, 1353 and beans close off 2 3/4 cents, 1012 3/4.  Not a lot to really do here but wait for what really happens on 4/2.

Moving to June in the financials, Dow had a bid thru the day as nothing over the top hit us globally thru the weekend, 42,225, plus 375 points and June bonds gained 7 tics, 116.31.  Cost to roll bonds is peanuts compared to the cost to roll a long Dow.  Global wheat stories gaining some traction and we gain 11 1/2 cents in Chicago, 568 1/2.  Beans traded a nickel either side of unchanged but settled 1015 1/2, off 1/2 in a nothing day.  Corn got back 2 1/2 cents, 461 while rice leaked 17 1/2 to 1348 on the expected new deliveries.  Looks like McGhee River receipts, which is good for export and maybe not so good for the domestic miller.