End of month trade Monday with soy up and down, but closing a scratch, 1288 vs Nov futures.  Nov rice up 18 cents, 1572 1/2.  Switching to Dec in the other grains, corn up 1 1/4 to 537 3/4 and wheat off a dime after a powerful run last week, 774.  Dow off 344 points, 53,240 and bonds drop 19 tics as well, 108.20.

Another powerful day Friday in the Wheat, 767, plus 24 1/4 as the world starts to realize the potential magnitude of global grain flow compression if the black sea Russia/Ukraine shipping stays closed for an extended time, and sadly, this is a real possibility.  I also believe it raises the "disposability" stakes on both leaders, as very rich and influential players you and I have never heard of in both countries are now feeling the pain.  5K gain in open interest in soft and I believe as of Friday close all 3 wheats are fund long.  Beans up 19 3/4 to 1276 1/4 with a 15K pop in open interest, 198K net fund long, as well as strong products.  Rice up another 21 cents, 1505 1/2.  Corn bringing up the back, only 1 3/4 cents better close, 512 and funds long 377K as of Tuesday close, and certainly well over 400K now, so we are getting over the skis.  Dull financials, bonds off 9 tics, 109.22 and the Dow slips 37 points, 53,584.

Decent exports Thursday and no progress in the Ukraine/Russia blowup on the black sea keeps a bid in wheat, 742 3/4, plus 12 1/4.  Beans gained 2 1/4 to 1256 1/2 on more China sales but corn slips 3 3/4 to 510 1/4.  Rice up a penny, 1484 1/2 and most of the pre delivery spread roll is complete, at a very healthy interest rate I might add.  Quiet financials with bonds slipping 2 tics, 109.31 and the Dow recovering 100 points, 53,621.  

Humpday trade a rocket in the grain room with wheat leading the way, 730 1/2, plus 45 cents, limit up.  The Ukraine/Russia spat is going to be dialed up and that takes a lot of wheat potentially off the market, and depending on how it plays, corn too.  514 corn is 13 1/2 better while beans pop 26 1/4 to 1254 1/2.  Rice recovers all the early week break with a 44 1/2 cent gain, 1483 1/2.  Financials a nothingburger with quiet churn, bonds off 7 tics, 110.01 and the Dow slips 124 points, 53,521.

Tuesday firm for corn again, 500 1/2, plus 9 more on the day.  Beans gain a dozen as well, 1228 and wheat good for a 3 3/4 cent bump, 685 1/2.  Rice off another 16 as heavy deliveries approach. 1439. Financials just a friendly churn day with the Dow up 156 points, 53,645, and bonds gain 24 tics, 110.08.

Financials stable Monday and the Dow held Friday pop, gaining another 136 points, 53,489.  Monday bonds firm as well, 109.16 close for a 20-tic gain.  I'm more than a little nervous about financial stability so it's good to keep these bonds at least near 110.  Corn up 7 3/4 to 491 1/2 and if we truly are a sub 174 crop there is some more to the upside.  I'm not so sure the crop is that small.  Wheat off the highs but did hold on to a better close, if only 1/4 cent, 681 3/4.  Beans off 9 cents, 1216 and we have flashed a lot of beans in the recent days, but again, if we really are 53.5 or better yield on the acres planted, we have a lot of soy to move.  Rice gives back 14 1/2 cents, 1455, and futures sure are pricey compared to cash.  If there ever was a reason to own storage, you are looking at it.  

Pretty strong Friday in rice, 1469 1/2, plus 55 1/2 and it got really thin up near the top.  Corn gains another nickel, 483 3/4 but OI slipped.  Beans up 4 1/4 to 1225 and more selling than expected.  We are definitely pricing in the smaller corn and stronger bean production the big private forecaster put out.  Wheat off 1 1/4 to 681 1/2.  Dow pops 504 points, 53,353 so it wasn't tight money.  Bonds off 19 tics, 108.28 shaking off any Treasury intervention.  

Corn the leader Thursday with a 5 3/4 cent gain, 478 3/4.  Wheat held for 2 1/2 cents, 682 3/4.  Beans slipped 1 1/2 to 1220 3/4 and rice gave back a dime, 1414.  Rice stocks a little bearish but not overwhelming.  Dow hit for 681 points, 52,849 and bonds give back 16 tics, 109.15.

Buyers a plenty for Wednesday trade with beans up 21 1/2 cents, 1222 1/4 and corn 473, plus 9 3/4.  Wheat recovers and more from Tuesday, 15 3/4 up for a 680 1/4 close.  Open interest doesn't tell us this is a new wave of longs as corn and wheat OI drop and soy can't recover what it gave yesterday.  Rice roll again, 1424, off 1/2 cent.  Dow churn for 127 points to the good, 53,530 and bonds up a point and 10 tics, 109.31.  Treasury is going to take back in long term debt at twice the original pace, but keep in mind that just means they know the demand is the short end of the curve, and they wouldn't be able to roll the long-term paper very well. 

Beans opened strong to lead the pack Tuesday but faded nearly 15 off the highs to close 1200 3/4, off 1/4 cent.  Corn off 1 3/4 to 463 1/4 and wheat hit for 10 1/4 to 664 1/4.  Rice has a big spread roll, and Nov now has the same open interest as Sept, which closed 1424 1/2, plus 7.  Dow off 141 points, 53,403 and bonds gain 11 tics to 108.21.