Month end trade Wednesday still weaker for corn, 382 3/4, minus 6 with declining open interest.  Wheat got a little bounce, 527 1/4, plus 3 1/4 and beans up 3 1/2 cents, 1014 1/2.  Rice dressed up to 1525, up 1 1/2.  Financials kept their upward march as Powell didn't deviate with the Dow up 114 points, 41,073 and bonds up another 19 tics in a steady reset upward, 120 25.  

The mostly downward drumbeat in the ag room continued with corn off 7 1/2 to 388 3/4 and wheat off its 7 cent Monday gain, 524.  Beans break 19 cents, 1011.  August soy deliveries had Bunge deliver and August lost 27.  Even though I believe we are tighter in the country in soy and corn than the USDA says, we clearly have enough.  I'm sure you will be tired of hearing me say it, but I expect two distinct ag markets, the one up until the bin doors close and the one after it.  We really need to manage storage and basis closely this year.  Rice buyer still present, 1523 1/2, plus 2 1/2.  Financials stronger with the Dow up 188 points, 40,959 and bonds up 17 tics, 120.06.  Powell should give a pathway to lowering rates this September when he speaks.   I'd say the markets are pricing it in, so he better.  

Monday put in new lows but solid bounces on the grain floor.  Sept corn down to 390 but a 396 1/4 close, plus 1 3/4.  Soy down to 1008 but big bounce to 1030, still off a dozen.  Wheat close 531, up 7 1/2 after a 514 low.  Rice pushed up late but still 2 1/2 lower close, 1521.  Churn in the Dow, 40,771, off 60 points and bonds pick up 10 tics, 119.21.

Ugly grain trade to end the week Friday with bean oil taking it on the chin and beans off 32 1/2 cents, 1042.  Wheat down 14 1/4 to 523 1/2 and corn drops 11 1/2 to 394 1/2.  Rice short still getting squeezed out, 1523 1/2, plus 22 1/2 and it seems we have gotten back up to a price that attracts naked call selling.  Fresh risk money in the financials with Dow up 639 points, 40,831 and bonds up 23 tics, 119.11.  I expect weather to have a bigger impact next week if we get any uncertainty midweek.  Seems like we are overextended down here.  

Nothing really exciting in exports to start Thursday trade but we got a nice 260K bean flash and helped push us 14 1/4 better by the close, 1074 1/2.  Corn could only muster a 2 1/4 cent gain, 406 but I think that was held down by the weak wheat market, 537 3/4, off 9 1/4.  It's been hard for the wheat bulls and the crop tour isn't helping.   Rice bull is pushing out more shorts, 1501, up another 22.  Have to think about new crop pricing pretty soon.  Dow rocked higher but faded to 40,192, still 82 better but nearly 500 off the highs while bonds picked up 19 tics, 118.20.  

Wednesday trade kind of a run of the mill 3rd day of a short squeeze and closing action has me a bit nervous.  Corn posted a new high but faded to 403 3/4, up 1 1/4.  Beans couldn't post a new high and dropped 11 1/2 to 1060 1/4.  Wheat up 4 1/4 cents, 547, but that didn't even get back Tuesday break.  Rice up 6 to 1479 but we tested $15 and failed with declining open interest, which probably means that the computer flushed a new short and just took his money.  Dow broke 505 points, 40,110 and bonds lost a full point as well, 118.01.  Not the Wednesday I had hoped to see.  

Overnight action kind of took the Monday/Tuesday trade off the table at the new bull wants to keep the pressure on the oversized fund shorts.  He couldn't hold it all, as corn settles 402 1/2, plus 2 1/4 but a nickel off the high.  Beans a dime off the highs as well but still 7 better, 1071 3/4.  Rice got another 13-cent bounce as well, 1473.  Short squeeze should be good for 3 days.  Wheat did slip 5 1/4 to 542 3/4.  That concerns and confuses me.  Quiet financials with the Dow slipping 78 points, 40,615 while bonds gain 8 tics, 119.01. 

One of the computer systems went friendly Monday and the shorts had no bullets left, as we have discussed.  Beans up 28 cents, 1064 3/4 and the buy side never really gave the sellers a break to play.  Same in corn, 400 1/4, plus 9 3/4.  Wheat struggled thru the day but did manage a 5 1/4 better close, 548.  Did not like the wheat action.  Rice up 36 cents, 1460 but seemed to pick up a seller as we got to the higher end later in the day.  Financials in a standard churning range, Dow up 131 points, 40,693 and bonds off 11 tics, 118.25.

Eary bids couldn't hold the grains as funds want to make sure we have a soft Friday close to help paint the weekly charts.  Corn closed 390 1/2, minus 3/4 and right where it closed Monday.  Net short 343K contracts.   Beans off 4 cents, 1036 3/4 but that was up 3 from Mondays close.  Funds record short 186K contracts.  Rice off a nickel, 1424.  Rice is the one grain where the funds have some room still for a downward push as far as their open positions go but the commercial has turned long, even counting all the farmer hedging.  Wheat got a 7 1/2 cent bounce, 542 3/4.  Lots of grain churning but the funds are so short they have to count on farmer capitulation to get paid.  On that note, crops do look great for the most part, but its only July.  Another positive is Paris futures have a bit more bid and a much less rosy production outlook.  Friday Dow down 396 points, 40,562 for a Monday, Tuesday Wednesday rally followed by Thursday and Friday break.   Big picture is wide ranges but just a churn where the computers got rich and anyone who got flushed out got fleeced.  119.04 bonds off 22 on the day but only 2 tics off Mondays close.  See the systems churn.  Don't get churned.

Exports Thursday morning ok in most everything to me, either sales or shipments.  By now you have to know at this time of year I like to see shipments.  Add to that 500K of new beans sold and the bears kind of run into a wall.  Commitments after Friday close could hold another wall as far as how big of a short these funds have gotten.  Beans up 2 1/2 cents, 1040 3/4.  Wheat slips 4 to 535 1/4 and corn gets hit a bit harder than I thought, 391 1/4.  We are getting very close on the Calander where we will see if all those on farm corn stocks really exist.  I'm not so sure they do.  Rice off 14 to 1429.  Rice Receipts getting cancelled, and they should all go, given how high July went off.  Dow off 539 points, 40,958.  Press is making this out to be a break associated with politics.  Look at the week, we are just getting bigger ranges for the computers to churn you.  Bonds off 23 tics, 119.26.