Month end trade Tuesday pretty muted.  Financials stayed stable as the Dow held Monday gains and added 118 points, 33,135.  Bonds up 5 tics, 109,14.  Meal got a bit of a bid and soybeans gained 4 1/4 to 1287.  Corn plus 1/2 cent, 478 3/4 while wheat lost 9 3/4 to 556 1/4.   Rice up a couple, 1612 as the squeeze continues, and I will be switching to Jan for rice and beans moving forward. 

First intentions drove Monday trade in rice and beans with rice off 11 1/2 to 1610 and beans drop 14 1/2 cents, 1282 3/4.  Rice open interest under 1000 in Nov but there were no deliveries.  We got new receipts registered for the beans and that was at 70% of carry.   566 wheat was off 9 1/2 and corn slipped 2 1/2 to 478 1/4.  Just a tired trade in the grain room overall with few bulls and little new feed.  Dow rocked up 513 points, 33,017 after a quiet weekend on the war front and the final 2 days of last week selloff.   Bonds off 7 tics, 109.09. 

Financials a bit shaky in front of the weekend  with the Dow weak thru the day and off 372 points at the close, 32,504.  Not a good close.  Bonds off 12 tics, 109.16.  Meal was the lead in the grain room again with a 13 buck pop leading soy up 17 3/4 cents, 1297 1/2.  Rice off 3 in the front, 1621 1/2 and the spread is even.  Options are gone in Nov beans and rice so expect those markets to act differently next week, especially in the Nov with first intentions on Mondays close, so you need to be out of Nov positions by Mondays end.  Corn up 1 1/2 to 480 3/4 and wheat slips 4 to 575 1/2.  It just seems hard to believe there are food shortages when wheat is 575.

Thursday started with solid export sales and more talk of Russian corridor issues or outright closures to give the grain room a base but weaker Dow and some flight to quality in bonds kept new money near the sidelines.  Beans looked good early but faded to an option supported 1279 1/2, off 8 3/4.  Quiet corn off 3/4 at 479 1/4.  Wheat bounced from Wednesdays drop, 579 1/2, up 11.  Rice gained 12 1/2 to 1624 1/2 on spread roll tightening.  Interesting that the spread is firming as the roll and liquidation seemed to be moving in an orderly fashion.  Dow hit for 274 points, 32,876 and below the 33K psychological support while bonds gained a point and 15 tics, 109.28.  Could be an interesting weekend coming up with options expiration Friday in Nov beans and Rice, followed Monday by first intentions for November deliveries.  I would expect new receipts to be registered in Beans and rice after Monday close.

Financials leaked Wednesday with the Dow dropping 119 points, 33,150 and Bonds hit for a point and 19 tics, 108.13.  So much for the rates stabilizing.  Grain room weak with corn off 4 cents, 480 while wheat loses a dozen to 568 1/2.  Beans off 7 to 1288 1/4 and meal looked a less sure of itself after a bit much of an upside run to me.  Lots of charts starting to show some short-term cracks.  1612 rice up 1/2 but no flat Nov volume, just spreads.  Someone exercised 100 of the 16$ calls today.  If you don't understand why that was probably a very poor decision vs creating synthetic puts for free, we really need to talk.  After Friday close, I can quantify just how poor the decision was.  

Downside in the financials ran out of breath Tuesday and we got sable bonds, 110 even, up a tic and the Dow recovered Monday losses, 33,269, plus 202 points.  I had hoped we would see some positive action in the grain room, but outer than funds running meal up, which allowed beans to gain 8 1/2 to 1295 1/4, action was pretty thin.  484 corn is off 6 1/4 and wheat lost 6 3/4 to 580 1/2.  Until Russia runs out of exportable wheat, we just cant get a bull story going.  

Soft Dow and soft soy lead the story for Monday.  Weak bean oil was part of the drag on beans, 1286 3/4, off 15 1/2.  Options will be the drivers this week for beans and rice.  Rice has a bunch of $16 calls that needed milking and we get a 26 cent pop, 1609 1/2.  the 1640s should cap any games for the week.  Corn off 5 1/4 to 490 1/4 and hunting for a buyer.  Wheat up 1 1/4 to 587 1/4.  Dow hit for another 191 points as any early bids got filled , 33,067.  Bonds put in a new low and bounced viciously, showing the air of thinness in bonds we haven't seen for a very long time.  109.31 close, up a point and 16 tics. 

The global situation and fears of escalation over the weekend have most players keeping a closer hand Friday as the Dow was off another 289 points with none of the late rally we usually get, 33,258.  Bonds post a new life of contract low, 107.17 before a bounce back to 108.15, plus 20.  Meal and oil held for the crusher, but beans for the farmer broke 13 1/4 to 1302 1/4.  Corn sloppy and off 9 1/2 to 495 1/2.  Wheat tried to hold but eventually rolled over a bit, 586, off 8 cents.  Rice up 8 in a pretty dull day, 1583 1/2. 

Thursday morning exports solid in soy and meal giving meal another $9 bucks up in an already explosive rally.  Beans along for 4 1/2 cents, 1315 1/2.  Crusher has to make his bank, farmer, not always so much.  Corn finally wakes up with a 47K pop in open interest and a 13 cent gain, 505.  With out some significant global weather change or worse, corn getting closer to a top to me.  Wheat up 13 3/4 to 594.  Seems like wheat has been on a run and yet we are still talking sub $6 wheat.  Financials still shaky with the Dow dropping 259 points, really quite controlled, 33,547 and bonds off another point and 14 tics, 107.27.  The amount of not marketed to market losses in the bonds is now staggering. 

Wednesday trade saw more strength in meal with carryover bid in soy, 1311, plus 14 1/4.  Wheat sure trying to set a floor, 580 1/4, up 9 3/4 and corn gains 3 cents, 492. Corn needs more business to get anything going, where soy and meal have demand.  Rice just a roll day, 1586, up 1/2.  Dow off 338 points, 33,806 and bonds off another 23 tics, 109.09 and lows for the contract in bonds.  Still afraid to catch that knife.