Kind of an interesting set of reports Tuesday driving the grain room, and really a nothing day at the end.  Most of the ending stocks increases are on farm, and with such a low response rate, that is just a make-believe number, so really moving forward basis is going to be a better indicator of real farm supply than the government.  Corn usage is up and we gained 2 cents, 457 3/4.  Wheat up 9 1/4 to 616 1/4 and I'd argue that wheat is a global story. not a report story.  Beans get a decent 11 1/4 cent bounce, 1171.  Biofuel story, not report story.   Rice up 5 1/2 to 1137 1/2 and the acres drop in rice has to change a few programs over the next few days.  Dow rocks 1117 points better on Trump calling a near to end of war story and bonds up 12 tics as well, 113.28.

Monday trade has some clean up in front of the reports Tuesday at 11.  Beans looked solid early but leaked back near flat, 1159 3/4, plus 1/2 cent.  Wheat gained a couple cents, 607 while corn slipped 6 1/4 to 455 3/4, on what is perceived to be a pretty big increase in stocks.  Rice up 23 to 1132 as the fund short surely takes his time finding the exit.  Dow had a nearly 900-point churn to nowhere, 45,465, plus 41 points.  Fortunately, the bonds did find a floor and got a solid bounce, 113.16, plus a point and 10 tics.  That is certainly a relief rally, and I hope it has legs.

Profit taking Friday with corn giving back a nickel, 462 and beans off 14 1/2 to 1159 1/4.  I don't see the biofuels announcement as negative, but we could have seen a bit of buy the rumor and sell the fact trade in there.  Wheat unchanged, 605, and rice rallied 12 cents, 1109.  Reasonable action in the grain room considering a bit of fear trade to end the week in the financials.  Dow off 806 points, 45,424 and bonds leak 16 tics, 112.06.  Bonds posted a new low tic, 111.23.  So much for lower rates.  

Decent exports Thursday to start the morning in most grains but not much to show for it to end the day.  Beans managed a couple cents bump, 1173 3/4 and wheat picked up another 7 1/4 to close 605.  Corn leaked 1/4 cent, 467 and rice was off 1/2of a penny, 1097.  Pretty nothing day in the ag room but the financials were a bit more shaky, bonds off 28 tics, 112.22 and the Dow gave up 481 points, 46,230.

Humpday trade firmer most everywhere with a softer tilt to crude and opinions that the middle east issues will find resolution sooner than later.  Dow firm all day but still in a churn type trade, 46,711 close, plus 296 points.  Bonds get a bounce off scary to me lows, 113.18, plus a welcome 30 tics.  Beans up 16 3/4 to 1171 3/4 on the back of firm bean oil, again as I'm guessing retail is easier to draw into beans than soyoil, but there had better, and probably is, some meat on the bone for biofuels coming Friday.  Wheat plus 7 3/4 cents, 597 3/4 and corn gains 4 3/4 to 467 1/4.  Rice off 1 1/2 to 1097 1/2.  

Tuesday was chop everywhere as no one knows what's coming next with Iran. Pakistan is the intermediary but there is debate about who is on the other side of the table.  Corn gains 3 to close 462 1/2 while wheat picks up 2 1/4 to 590.  Rice up 5 1/2 cents after a stronger period midday, 1099, and finally gained open interest.  Beans slipped 8 1/2 to 1155.  Dow had a 900-point churn day, 46,415, off 107 points at the end and bonds gave back almost all of Monday gains, 112.20. Minus 18.  Of all I watch, big picture risks of bonds worry me most today.

Financials stabilize Monday as Trump kicks the can down the road on Iran, but marines are on their way over.  Dow up 629 points in a big range but well off the highs, 46,522 and bonds set a new low below 112 before recovering to 113.06. plus 25 tics.  Beans managed to stay positive, 1163 1/2, up 2 1/4 but everything else was softer.  Wheat off 7 1/2 to 587 3/4, corn slips 6 cents, 459 1/2, and rice off 16 to 1093 1/2.  This rally is acting long of the tooth, but the Grain summit this Friday in DC cannot be discounted.  A few properly placed tariffs and some biofuel revisions and the US has a new, higher grain floor.  

Ugly day Friday with war concerns and risk of troops on the ground making the world skittish.  Dow off 448 points, 45,893 and bonds lose a point and 31 tics for the worst day in a long time for long term rates and nearing the bottom of what I consider still range trade, 112.13. Wheat back under the buck, 595 1/4, minus 12 3/4.  Corn off 4 1/4 to 465 1/2 and beans gives back Thursday bump, 1161 1/4, down 7 1/2.  Rice hit for 23 1/2 to 1109 1/2.  

Exports ok Thursday but nothing out of expected.  Dow was a weaker churn day, off 194 points at the end, although it felt a lot worse, 46,341.  Bonds up 4 tics, 114.12.  Corn looked the best in the grain room, 469 3/4, plus 6 1/2 while wheat gained 3 3/4 to 608.  Beans up 6 3/4 to 1168 1/2 on the back of big meal fund purchases.  I can't justify the current meal price in the global environment as well as warmer temps.  Rice stalled, minus 2 and looking for some business.  1133.

Humpday trade seemed like a normal churn in the financials, but I think uneasiness in the private credit market is spilling over and the Dow took an 813-point hit, 46,535.  No flight to quality as bonds slipped 18 tics, 114.08.  Wheat put on a decent show in the grain room, 604 1/4, plus 14 1/2 while corn gained 9 1/4 to 463 1/4.  Those are solid numbers.  Rice up only a penny as the unwind continues, 1135 and beans pick up 4 3/4 cents, 1161 3/4.