End of month and mostly neutral report gave bulls nothing to sink their teeth into in front of a harvest weekend and we got hit pretty good.  Wheat stocks higher but pretty much in line with expectations, but still a 37 1/4 drop to 541 1/2.  Beans lost 25 1/2 to 1275 and part of that pressure was from the front of meal getting hit hard with some new deliveries collapsing the bull spreads.  With meal holding a solid fund long position and carry possibly coming back into the spreads, the exit door got skinny.  476 3/4 corn was a 11 3/4 cent loser on the day but really just giving back the weeks strength.  Rice hit for 22 cents, 1591.  Something stirring in rice with open interest nearly doubling in new crop Sept and lots of inquiries out there for Nov/Dec.  Dow looked higher but closed off 167 points, 33,725 as no one could pull off a weekend mark, while bonds put in a 9 tic winner, 113.25.  Still lost 3 full points on the week. 

Thursday exports nothing stellar to start the day and a mostly chop day of trade.  Corn did the best, 488 1/2, plus 5 1/4 with short covering in front of Friday stocks report at 11.  Wheat lost 3/4 to 578 3/4 and beans slipped 2 3/4 to 1300 1/2.  Rice off 4 1/2 as well, 1613.  I don't expect much out of the stocks report.  Dow looked up both sides of trade and settled up 101 points, 33,892.  Bonds checked out new lows but bounced back to unchanged by the end of the trade, 113.16. 

Financials in the spotlight again Wednesday with the Dow off over 300 points early but recovered to 84 lower, 33,791.  Rumor of a big put position right below the market that expires Friday.  Bonds bounced a full point early but failed on the recovery and dropped 2 full points from the highs, 113.16, off 28 tics on the day.  Oil had a bid but meal was weak so beans struggled to stay flat, 1303 1/4, plus 1/2 a cent.  Corn up 3 1/2 to 483 1/4 but wheat dropped 9 1/2 to 579 1/2.  Rice held Tuesday gain for the most part, 1617 1/2, off 1 1/2 but took some funny trades to do it. 

Financials continue to show weakness Tuesday with the Dow hit for another 398 points, 33,875 and bonds leaking 15 tics, 114.12 and a new low.  Wheat held unchanged, 589 but no pop on Russian aggression to 3 ports.  Corn slipped 1 1/2 to 479 3/4.  Beans gained a nickel, 1302 3/4 with meal bid.  Rice up 34 with light volume as the computer sensed no real pricing pressure and ramped up to benefit their position, 1619 close.  Hearing rice is getting stored on the ground now at one of the coops.  I believe this is a function of weak basis in corn and beans, so what normally would be headed down river is fighting for bin space.  We have a good rice crop, not a monster.

Weekend harvest nothing to write home about and its still a bit dry in Brazil, as well as very dry in Australia and Russia/Ukraine.  589 wheat gains 9 1/2 on the day.  Corn up 4 as in tow, 481 1/4.  Beans gain a penny and a half, 1297 3/4 but oil was a dog.  Bean oil getting attractive to me.  Rice up 2 1/2 to 1585 and I keep hearing of cash business so maybe we will get a decent export sales report this week.  Storage is getting to be a problem in the Delta and the river is dragging feet on taking what they have booked, yet alone any new product.  If you don't have your storage ducks in a row now, these next few weeks are going to be bloody.  Bonds lost another 2 points and 2 tics, 114.27 as the (safe) long term debt holders continue to get taken to the woodshed.  Dow struggles but posts a 41 tic gain on a dressed up close, 34,273. 

Friday trade just a slight bounce pause with corn gaining back a couple cents, 477 1/4, beans up 2 1/2 to 1296 1/4 and wheat up 3 3/4 to 579 1/2.  Hard to ever want to take a wheat short into the weekend right now with the large fund short and Russian instability.  Rice gains 3 to 1582 1/2.  Financials have me a bit worried with the Dow leaking late losing another 105 points, 34,232 but bonds did bounce 20 tics, 116.29. 

A bit of a delay trade Thursday morning as people digest the FED comments, which give me give me great pause.  Dow bled, tried to hold, bled, tried to hold, failed.  392 point lower close, 34,337 and I'm surprised it didn't get worse.  Bonds lost 2 points and 9 tics, 116.09 for  a new low close and a lot of long bond owners starting to reassess what they really own.  Longs in the beans giving up with a 26 1/4 cent break, 1293 3/4.  Meal and oil soft.  Corn off 7 to 475 1/4 and wheat drops to 575 3/4, minus 13.  Rice harvest pressure with us off another 16 1/2 to 1579 1/2.  Finding a home for grains in the delta is already starting to show its head, as feared. 

Wednesday trade worried about the FED and harvest.  FED punted as expected but he said the quiet part out loud about not being sure what the equilibrium rate is.  News flash, its not 2 percent and if it turns out to be 3 or 4, are long term rates too high or to low?  Dow broke 350 from the highs to close 88 lower and sickly, 34,729.  Bonds up 11 tics which was a bit of a surprise, 118.18.  Rice slipped 7 with harvest pressure, 1596 but the rest of the grain room got a small bounce.  Corn 6 higher, 482 1/4, wheat follows up 4 3/4 to 588 3/4.  Strong meal helps soy gain 4 1/2 cents, 1320. 

Pretty quiet day of trade Tuesday with the Dow leaking 118 points, 34,817 and bonds off 18 tics to 118.07.  This is in front of the FED,  expected to do nothing Wednesday.  Wheat lost 7 1/4 cents, 584 and really making people want to pick the seasonal bottom.  A small vessel is cruising out of Ukraine in defiance of the Russia embargo with 3,000 tons of wheat bound for Israel.  Lots of symbolism there as well as a huge military risk for escalation.  Beans off 1 1/4 to 1315 1/2 and acting like it wants to hold here while corn gains 4 3/4 to 476 1/4.  Rice up 1 1/2 to 1603.  I have no basis in this, but I'm on the lookout for a black swan.  Kind of feel something different in the air.  Hope its just fall, but still?

Monday soft after a good harvest weekend and good weather reports out of SA.  Corn off 4 3/4 to 471 1/2.  Wheat loses 13 cents, 591 1/4 and giving up the 6 buck threshold again.  Beans hit for 23 1/2 down to 1316 3/4.  Cash has no big stories and river freight is a drag for new business.  Rice down 20 after taking a breather Friday, 1601 1/2.  Just hard to get excited in grains for the next few weeks.  Dow in a quiet trade up 8 points, 34,935 and bonds up 6 tics, 118.25.