Month end trade Friday heavy across the grain room as selling to lighten up the fund longs continues.  Wheat down another 13 1/2 cents, 610 1/2.  Corn smacked for 9 to 446 3/4 and beans down 7 3/4 cents, 1186 3/4.  Rice bear saw a window to hunt stops and we fell 32 1/2 to 1260 1/2.  Pretty sad trade going into the weekend.  Dow pumped up, 51,077, plus 334 points and the bonds stalled, 112.23, off 3 tics.  

Exports delayed until Friday, but Thursday trade firm in the grain room as we all want a bounce off of Wednesday pricing.  Beans up 9 1/4 cents, 1194 1/2 and solid products there as well.  Corn recovers 3 1/4 to 455 3/4 and wheat even makes it back into the green, 624, plus 1 1/2.  Rice up 12 1/2 after some early selling found no followers, 1293.  Financials probed a little lower but also recovered to the green side, bonds up 13 tics, 112.26 and the Dow got 15 points to the good at the close, 50,743.  We need to see some follow thru Friday. 

Not much for Humpday trade in this shortened week to give me many clues moving forward.  Wheat off another 13 cents, 622 1/2 and that dragged corn down a nickel, 452 1/2. Wheat is a knife you need never try to catch, but corn is down near what I expect to be support.  Oats quietly firm as well.  Beans had a nothing day, 1185 1/4, off 3/4 and seems to have a bid in both products.  Rice bear finally saw a window to flush the trailing stops to the downside, 1280 1/2, minus 19 1/2 and the ball is in the buyer's court tomorrow.  Dead financials with bonds up 7 tics, 112.13 and the Dow up 181 points, 50,728.

Dow was firm Monday night of talk that the strait was set to reopen, and the Dow briefly set new highs over 51,200 but by Tuesdays close we faded to 50,547, minus 115 points while bonds gained 31 tics in a sign of nervousness to me, 112.06.  112 bonds is no all clear signal so don't read too much there yet.  Grain bulls needed fuel and got none, so we leaked Tuesday with wheat leading the way, 635 1/2, off 10 3/4 and beans off 10 1/2 as well, 1186.  Corn off 5 3/4 to 457 1/2.  Rice stable with another + 1000 volume day, $13 close, up 1 1/2, but the buyer didn't get much for his trouble.  

Seemed like a lot of evening up in front of a long holiday weekend in Friday trade.  Corn up a penny, 463 1/4 after looking firmer early.  Beans slipped 2 1/4 cents, 1196 1/2 and wheat was off 1 1/4 at the close, 646 1/4.  Wheat acted like it is working on a base, but it's been a whippy trade.  Rice off 2 cents, 1298 1/2.  Lot of people looking for a setback, me included but the buy side has other ideas.  Even with all the action since May deliveries started, the funds are still a small short.  In the big picture, after taking the farmer to the woodshed for a year, funds have gotten out of the bulk of their short position pretty easily.  Dow worked higher all Friday and closed up 283 points, 50,662 and bonds picked up 11 tics, 111.07.  

Had decent exports Thursday but the grain room was mostly softer with wheat leading the way down, 647 1/2, minus 13 while corn slipped 3 1/2 to 462 1/4.  Beans off 5 1/2 cents, 1194 1/4 and rice continued its upswing on lower acres, 1300 1/2, plus 8.  Bonds were unchanged, 110.28 and the Dow popped another 285 points in a bigger churn range, 50,397.

Humpday trade playing the show me card with pressure all across the grain room but acts like no one really willing to sell to get short.  Corn loses 9 1/2 cents, 465 3/4 and beans were off 9 3/4 as well, 1199 3/4.  Wheat down 6 3/4 to 660 1/2 and even rice leaked 4 1/2 cents, 1292 1/2.  Wasn't money contraction as the Dow gained 635 points, 50,094 and bonds recovered a point and 2 tics, 110.28.  Let's look at exports in the morning.

Grain room took Tuesday to digest more of the Trump Xi agreement and hope for more clarity. Beans looked higher but faded to 1209 1/2, off 3 1/2.  Corn slipped 1 3/4 to 475 1/4.  Rice showed carryover strength, 1297, up 15 1/2 and wheat gained another 2 3/4 cents, 667 1/4.  Dow was lower most of the day but still just a churn trade to me, 49,459, minus 309 points and bonds broke another 18 tics, 109.26.  This bond action is the world's money telling the US we better clean things up and get some stability, soon.  

We light up the new week Monday with a Trump announcement of a 17-billion-dollar grain purchase agreement from China being Ironed out.  All Friday losses erased across the grain room and some feel corn would be the biggest winner, 477, plus 21 1/4 and near the day's highs on the close.  Wheat recovered 28 3/4 cents, 664 1/2 and beans popped 36 to 1213.  Not much action in the meal and oil was up, but the crush gave up some of its profits.  After a slower start the buy side found rice and we closed up 24 1/2 cents, 1281 1/2. Rice seems set to a more 2-sided trade, but the river loading can change all that in a hurry.   It's one thing to sell out longs, it's another to add new shorts on this small of planted acres.  Dow tried to continue the downside early but no takers and we got back to 49,768, up 151 points on what turned out to be just another churn day.  Bonds off 8 tics, 110.12.  So far, we are looking at new lows in the bonds, and no one seems interested in testing the waters down here, so there is room for about a 2-point recovery, and for our economy's sake it can't come soon enough.  

Follow thru selling in the grain room with wheat leading the way, 635 3/4, minus 22 1/2.  Corn off 11 3/4 to 455 3/4 and hitting my first support.  Oats closed a couple to the positive near 364.  Beans off another 15 1/2 cents, 1177 but meal is north of $330 and spreads are inverted, so I am not sure I want to push down here.  Rice off 18 1/2 cents, 1257 and we clearly got to two-sided trade from the recent straight up rally.  New business is going to dictate pricing moving forward in Ags.  Dow off 537 points to end the week at 49,617 and more importantly to me bonds drop a point and 27 tics, 110.20.  Bonds better find a bid soon or we are going to see some major financial disruptions, and I mean really soon.