End of month clean up and deliveries against may futures were the feature Tuesday and more concerns about the FED higher for longer pressure liquid money.  Treasury is coming with a big round of borrowing and bonds give back yesterday bump, 113.26, off 25 tics.  Dow drops 566 points, 37,993 and I hate to say it, but other than the close the market seemed to be trading within itself like just a bigger churn with a low settle.  Soft day in Ag as someone has to write a check for the deliveries, although when everything gets current quickly, there are usually no more shorts to run out.  Beans hit for 19 cents, 1163 while wheat loses 5 1/4 to 603 1/4.  Corn off 2 1/2 to 446 3/4.  Rice just thin, 1928, minus 18 but the key in rice is thin.  I am surprised how quickly and how wide rice spreads and May positions have moved.  Expected more commercial ownership desires.  

First intentions trade Monday clearing out the last of the May specs as open interest dumps hard from liquidation.  We will be switching to July futures for the grains moving forward.  Wheat took a bit of a break from the recent rally and the next day or 2 will tell us if this was just a fund liquidation run or something more underneath the market.  608 1/2, off 13 3/4.  Corn held up pretty well, 449 1/4, off only 3/4 cent.  1182 beans were up 4 3/4 and July rice popped 48 cents, 1946.  I'd say managed money saw a lack of selling in a thin rice market and pushed.  Dow up 118 points, 38,559 and bonds up 24 tics, 114.19.  Yen is moving with some outsized trades, and it might be the canary for the US dollar/bonds in the future as Japan is already carrying a massive debt and the financial boys might do a little testing there before they try it here.  

Financials tried to put some stability into the Friday markets for the weekend.  Bonds recovered 17 tics, 113.27 and the Dow bounced 153 points in a quiet trade, 38,441.   Grain story that grabs me most is the declining open interest attached to Friday.  It is somewhat expected going into options expiration and next week May deliveries, but I worry that the recent grain strength is driven more by just plain liquidation than these commitments show but will be evident a week from Friday at 2:30.  May 440 corn is off a penny, but open interest dropped 39K.  Beans lose 3 1/4 to 1159 1/2 and drop 32K of OI.  Meal OI hit for 16K as well.   Wheat closed 603 1/4, plus 1 and open interest drops 9100.  May rice off 27 1/2 cents, 1881 and May open interest is below receipts registered, so tough to get a big river based commercial squeeze.  

Solid corn exports to start Thursday morning and after fishing lower we close 3 1/4 higher, 441.  Wheat short cover continues, 602 1/4, plus 7 3/4.  I think some of the short systems tried to pressure beans, but we recovered there as well, 1162 3/4, off only 3 1/4.  Rice butting against options and just running tired to me, 1908 1/2, off 11 1/2.   Dow took a 700-point hit early and closed off 392 points, 38,288.  Bonds off 19 more tics, 113.10.  I want to catch the falling bond knife, but really don't have any more fingers to spare.  

Wednesday market nothing worth noting with Wheat up another 9 1/2 cents, 594 1/2 on short covering but not enough stories to keep fuel for the bull.  Corn slips 5 1/4 to 437 3/4.  Still think the 440 May strike will keep us captive within a dime thru Friday.  1166 beans off 1 1/2 and front meal is leaking spread money into discounts.  1920 rice up 1/2 but Funds seem kind of full and the May open interest is under 1000 so not much left to roll to add size.  Winding down bull markets are not fun when you are last at the dance.  Dow leaks 46 points from a killer big rally these last several days while bonds drop 26 tics, 113.29.  Odds of FED dropping rates is being priced to nothing.  I would argue until spending is put under control, they can't drop rates and still place debt.  

I was worried about a Monday/Tuesday type trade, but the markets held, abet mostly stalled.  My biggest concern with this week's actions so far is the declining open interest, where we are rallying on people wanting out vs players wanting in.  585 wheat was the leader, 14 3/4 better.  Corn followed as it normally does, 443, plus 3 1/4.  Beans up 6 1/2 as well, 1167 1/2 but meal seems to be finding resistance up here.  Rice got a 23-cent bounce in thin air trade, 1919.  Dow continues the recovery, 38,726, plus 258 points and bonds gain 6 tics, 114.23.

Monday trade a follow thru from Friday strength with wheat leading the way, up 20 more to 570 1/4 and corn gaining 6 1/4 to 439 3/4.  Wheat and corn have some global stories to their strength.   Beans pick up 10 1/2 cents, 1161.  Rice needs a new player to keep the push going, 1896 1/2, off 3 1/2.  Dow up 260 points and firm all day, 38,468 and bonds leak 3 tics, 114.17.  

Rebound trade Friday with beans recovering all Thursday break, 1150 1/2, plus 16 1/4.  Kind of interesting that there is no real carry or discount in meal spreads from May to October.  Funds also sold a bunch more oil and to a lesser extend beans on this week's commitments, so they are getting far over their skis.  Wheat up 13 1/2 to 550 1/2 as we seem to be pretty cheap in the big picture and Russia probably is done selling inventory at stupid low prices.  Corn follows for a 6 3/4 cent gain, 433 1/2 and SA production is getting smaller, not bigger as well as a boost in EPA E15 fuel allowances.  50 cent range in rice but a dull settle to rice Friday, 19 bucks, off 1 1/2.  May open interest winding down.  Dow closes up 201 points, 38,208 after a beating down to 37,463.   Worried weekend ahead on the Israel front.  Bonds up 16 tics, 114.20.

Nothing really exciting in Export sales to give any fire to the grains Thursday morning and corn sellers pushed us below 430 and down to 426 3/4, off 3 1/2 and getting the front month spread to squeeze on perceived lack of deliveries.   No bounce in wheat by the close, 536 3/4, off 1/4, but no desire to push further either.  1134 1/4 beans are off 15 1/2 and overdone to me.  Rice buyer here again and 18 1/2 better day, 1901 1/2.  Worried that July futures are going to drag us past May cash capacity up here, but fading funds in thin markets can be a painful endeavor.   Dow looked better but faded to 38,007, plus 17 points as bonds dropped 23 tics of Wednesday pop, 114.04.  

Wednesday wheat trade interestingly weak, 537, off 12 3/4.  Nothing global to spur the softness and wondering if the big fund shorts are just probing to see how far they can push.  Should see on Thursday.  Corn only of 3/4 cent, 430 1/4 and beans bounce 4 1/2 to 1149 1/2.  Rice might just have the long funds coming back for another bite at the long side, 1883, plus 46 1/2.  Not a safe time to be working rice from the short side.  Dow just churning, 37,990, off 56 points and bonds recover 28 tics of a long winded and grinding break, 114.27.