With deliveries started and the margin clerks no longer badgering futures longs to get out, we got a bit more bounce in the grain room Friday.  I think the long weekend probably had some help in the process, Dec corn up a nickel and back over the buck, 401 close.  Beans up 7 1/2 cents, $10.  Wheat gains another 2 3/4 to 551 1/2.  Rice, the only grain with no deliveries backed off 6 1/2 in the Nov, 1478 1/2.  Should be a big harvest weekend.  Dow up 214 points to close the week at 41,653 and bonds leak another 20 tics, 122.31.  Happy Labor Day.  

A lot of minor moving pieces involved in Thursday trade.  Dow traded up to a record and settled 261 points better, 41,439 while bonds slipped 12 tics, 123.19 so money was a little loose.  Delivery pressure for the grains lifted a little early with it being first intentions but I think stubborn longs in Sept were for the most part done. Deliveries were light.  Exports were decent enough although I'd still like to see our rice buyers in more scale.  Switching to Dec for the corn, 396, plus 5 1/4.  Dec wheat up another 7 1/4 as well, 548 3/4.  November beans gained 15 1/2 cents, 992 1/2.  Rice was softer with Sept off 9 and Nov down 29 1/2 to 1485.  No deliveries in rice on first notice day although I expect that to change next week.  The spread is giving free money to the delivery warehouses.

Cleanup continues with September positions in front of delivery in a pretty orderly fashion so far, but with carries in most markets that helps.  We need to be out of any Sept longs by Thursday close to avoid delivery risk.  Corn gives back a couple cents, 365 1/4 but wheat gains another 6 to 514 1/4.  Russians have again this year beat the global price down for wheat but this year they ultimately will have a lot less to sell.  Beans give back Tuesday strength, 958 1/2, minus 9 and the rice front month mini squeeze hit a wall with Sept giving up 19 to 1513.  Open interest in all the front month grains has fallen to very manageable numbers so I really don't see much fireworks, other than potentially some new selling by smaller commercials after the long weekend of harvest in rice.  Dow off 178 points, 41,178 and bonds slip 6 tics, 123.31.

As we near new crop deliveries corn and wheat looked at the lows Tuesday early but rejected and bounced.  Wheat gained 10 1/4 to 508 1/4 and corn picked up 5 1/4 to 367 1/4.   Still terrible prices but more flash sales in corn tell you we are at prices that are globally attractive.  967 1/2 beans are plus 7 3/4 and a weird sept rice squeeze has us up 23 in the front of rice, 1532.  Financials were nothing as the Dow gains 21 points, 41,356 and bonds slip 12 tics, 124.05.  

With Sept options put to bed we are entering the home stretch for delivery intentions after Thursday close and checks to get written next week.  In carry markets I usually expect lows to be made around first notice plus or minus a few days as there is no more room for bluffing and sometimes the guy who shows up with the checkbook wasn't on everyone's radar.  The delivery clerk has no other longs to tell they have to liquidate.  New lows Monday in Corn, 362, minus 5 3/4 and wheat, 498, off 4 1/4.  Beans fought the trend, 959 3/4, plus 7 3/4 and rice was up 8 1/2 to 1509 as well.   Financials were dull with the Dow up 65 points, 41,335 and bonds off 2 tics, 124.17.  

After Thursday's aggressive break in beans we got a 10 3/4 cent bounce Friday, 952 close.  Rice up 9 to 1500 1/2, making the $15 calls live for exercise.  Corn tested the lows, 367 3/4, off 3 3/4.  Same story in wheat, 502 1/4, minus 8 3/4.  My guess is deliveries at the end of the week is where the rubber will finally meet the road.  With interest rates set to be cut in September and again before the end of the year, bonds pick up another 18 tics, 124.19 and the Dow pops 442 points, 41,270.  That's a pretty aggressive dress for a Friday with global risks in place right now.  

Solid exports in beans and wheat Thursday morning, would like to see a little more in corn and there is supposed to be a fair amount in the rice pipeline that still has not shown up.  I expect we will see sales and ships a lot closer together this year.  Biggest risk to new crop sales is the river depth and freight.  We are the best game around the globe for pretty much everything we produce at these funds exaggerated lows.  Fear of the day is Canadian rail strike.  Corn off 4 cents, 371 1/2.  Beans beat down 21 3/4 to 941 3/4.  Wheat briefly looked like it was going to take out 5 bucks but bounced to 511, still off 8 3/4.  Rice got a 12 1/2 cent bounce to 1491 1/2.  Options expiration Friday should have an effect on what should be a muted trade.  Dow range opening up and off 178 points at the end, 40,828 and bonds off a point and 11 tics, 124.01.  Something quiet might have gotten said out loud at a bar in Jackson Hole.  

Humpday trade pretty uneventful in corn, 375 1/2, plus 1/2 and beans gained 5 3/4 to 963.  Rice lost 17 to 1479 as the $15 level got rejected and we are getting closer to Sept options expiration.  Wheat hit for 13 1/4 cents, 519 3/4 and I'm a bit surprised by the weakness there.  Trade throughout the rest of the world is stalled, so with funds right now the path of least resistance is downward.  Quiet Dow, 41,006, plus 57 points while bonds gain another 16 tics, 125.12.

As we continue rolls out of September futures and posturing in front of expiration this Friday, Corn slips 3 to 375.  Beans pick up a penny to close at 957 1/4 and wheat rallies 4 3/4 cents, 533.  Rice had big spread roll and a short buying its way out, 1496, plus 7.  Another quiet day in the financials with the Dow of 71 points, 40,949 and the bonds continuing their leak up, 124.28, plus 22 tics.  No one is questioning a rate cut in the next FED meeting, just how much.  

Monday a reset trade from Friday's chart painting push down with beans recovering 17 1/2 cents, 956 1/2 and corn up 7 1/2 to 378.  Wheat slipped 1 3/4 to 528 1/4.  Rice got a nice pop up to 1489, plus 31 1/2 and I would expect a range from 1450 to 1510 or so to hold thru the week.  Dow up another 226 points, 41,020 and bonds up 16 tics as well, 124.06.  Fed and the money boys will lay out their plans for the power brokers at Jackson Hole this week so financials could get a little whippy.  Grain trade will get some influences from options expiration this Friday and prep for first notice day.  Looks like we have another few weeks before the next hurricane risk for the delta so let's get that crop to the bin.  Have a good week.