Last trading day of the month, export sales and new deliveries all in play for Thursday.  Good earnings brought the Dow 823 points higher, 49,835 while bonds sat stalled 112.27, plus 5 tics.  Is proof there is still plenty of loose money out there.  Wheat hit again on the back of significant deliveries, 623 3/4, off 18 1/2 and giving back all of Tuesday's pop.  Corn off 1 3/4 to 464 3/4 and beans down only 1/4 cent, 1182.  Decent hold in the soy with meal off 5 bucks.  Rice up 26 cents, 1079 1/2 as the short doesn't have the company selling with him anymore.  As I believe that the grain delivery stories are already pretty much told, this will be the last day using May grains numbers and I will work from July moving forward.  

Humpday trade brings first intentions at the close and a little volatility.  Corn continued its slow ramp up, catching its breath from early week strength, 466 1/2, plus 1 1/4.  Beans gained 9 1/4 to 1182 1/4.  Wheat hit new highs early but faded hard, 642 1/4, off 6 3/4 on the day and nearly 20 cents from the highs.  Rice seller working hard again but only 4 lower for his troubles, 1053 1/2.  Game just got a whole lot harder for that player.  Dow with a bigger, softer range, 49,012, minus 285 points and bonds were off 27 tics as well, 112.22.

Wheat lit up during Tuesday trade and closes 27 1/2 better, 649.  I know there is some weather stories out there domestically, but to me it's another example that we really need to respect global concerns more than we normally do in the futures markets in general.  The amount of money available and different inputs used, not to mention a trading floor that no longer exists all contribute to a different trading environment.  Corn up yet again, 465 1/4, plus 4 1/2.  What a slow march higher.  Beans slip 4 1/4 to 1173 and rice hit for 16 1/2 cents, 1057 1/2.  Big flat price rice selling to go with pre delivery liquidation.  First intentions day on Wednesday close.

Nice little pop for most of the grain room Monday as the standoff in the strait continues.  Wheat up 13 1/4 to 621 1/2 and corn comes along for the ride, 460 3/4, plus 5 3/4.  Beans up 13 1/2 cents, 1177 1/4 with a solid meal bid as a backer.  Rice leaks 6 to 1074 as the fund short wants to add and the weak longs only have a couple days left at the dance.  Dow off 50 points, 49,342 and bonds slip 10 tics, 113.22.  

May options expiration Friday and that provided buffers that will be gone Monday.  Corn off 1/2 cent, 455 and wheat drops 2 1/2 to 608 1/4.  Beans looked below the 60 pin early but found no pushers and rallied to 1163 3/4, plus 4.  Rice off 21 1/2 after the early 11$ pin failed, 1080 close.  Over 100 of the 1080 puts exercised after the close.  Dull day in the Dow and a 98-point slip to 49,392 while bonds recover 5 tics, 114 even.  

Exports Thursday gave no surprises.  We are still seeing corn flashes and corn picks up 1 1/4 cent, 455 1/2.  Wheat weather story and middle east concerns give us a 11 1/2 cent pop, 610 3/4.  Beans looking to pin 1160 on Friday and do a good job of it Thursday, 1159 3/4, off 4 3/4.  Rice gives back 8 1/2 to 1101 1/2.  Dow a flipside of Wednesday trade for standard churn on the downside on the day, 49,490, minus 178 points and bonds leak 10 tics, 113.27.  Just a mostly nothing Thursday and not much expected for Friday either.

Humpday trade kind of a churn reverse of Tuesday but really a nothing trade to work with.  Beans give back a dime, 1164 1/2 and wheat gives 5 3/4 back, 599 1/4.  Corn up 1/2 cent, 454 1/4 and rice picks up 11 to 1110.  People mostly shuffling the deck in front of options expiration Friday, deliveries next week, and knowing the margin clerks will be calling the weak longs.  It happens almost every delivery cycle, why expect anything different.  Dow recovers Tuesday slippage with a 329-point gain, 49,668 and bonds off a tic, 114.05.

Weather starting to get some traction in the news cycle with some calling for a potential super El Nino later this year.  Tuesday Wheat up 8 cents, 605, and corn gains 1 3/4 to 453 3/4.  Beans pick up 8 3/4 to 1174 1/2 on a very strong bean oil market.  Rice slips 4 1/2 to 1099 with mostly spread roll for the volume.  Lots of corn out there but clearly its moving and I'd like to see more movement of the rice.  Dow up and down but settles off 300 points, 49,339 in what I would still consider churn trade, and bonds leak 15 tics, 114.06.

Night trade in front of Mondays session was nervous as issues arose in the truce, but by morning most of the Dow losses had been recovered and trade was tentative thru the day but not really a fear trade anywhere.  Dow ended the day of 2 points, 49,639 and bonds gained 2 tics, 114.21.  Nothingburger.  Wheat picked up 5 3/4 to 597 and corn up 3 1/4 cents, 452.  Over 60% of the country is in some sort of drought condition, and wheat acres lead the way.  Of course, wheat acres by their very nature would in most dry years.  Beans drug down by weak meal, but still only off 1 1/2 to 1165 3/4.  Rice seller came later to push us 6 1/2 lower, 1103 1/2 and he added a fair amount of OI to do it.  

Strait is open for business; all is well and back to normal.  That was the sales pitch for Friday morning anyway.  Dow opens higher, never looks back, up 1150 points at one time and closing 874 points to the good, 49,641.  Bonds over a full point better on the highs and 27 tics to the good on the close, 114.19.  This used to be a lower area to me in the bonds but now it is nearing an upper area without some material financial changes.  Grains in the hole early but a nice recovery thru the day got corn a nickel off the lows and 1/4 better on the day, 448 3/4.  Beans a dozen off the lows, 1167 1/4, plus 3 1/2.  What worries me about the beans was the 16K of open interest decline in the rally.  Rice up 26 1/2 to 1110 with 1600 contracts roll, but a drop in open interest as well.  Big bulls get fed with new open interest, not players leaving the dance.  Wheat off 7 1/4 to 591 1/4.  There is only 8 cents carry in the K/N spread and for a bear to work in wheat, part of the juice is the amount collected in the carry roll, so this takes some of the pretty away from a long term short.