Month end trade Friday pretty decent with wheat leading the way, 534. plus 9 3/4 and walking away from 525.  Beans gain 8 1/2 to 1099 3/4 with Dec meal over $320, and corn coming up the rear, 431 1/2. A hard fought 1 1/4 cent positive result.   Rice gains 3 cents, 1026 1/2.  We will be switching to Jan in the rice and beans moving forward.  Dow pushed both sides in an interesting churn day, 47,722 close for 45 points to the good while bonds slipped 9 tics, 117.10.

Beans up 11 Thursday to 1091 1/4 with Trump-Xi meeting in the books and a commitment by China to take some beans.  Global supply will limit the total right now what we (WASDE) were already expecting, so I can't get excited.  Corn and wheat lower, corn off 3 3/4 cents, 430 1/4 and wheat down 8 to 524 1/4.  Rice bear has run out of people to herd, and he now has a big position to liquidate, 1023 1/2, plus 22.  We still need a little export business or some GSM 102 to fuel that fire.  Dow out of breath above 48k and we close 47,677, off 120 points.  Bonds off 20 tics, 117.19.  

Humpday trade positions clean up in front of first intentions on Thursday close.  Corn gains 2 to 434 and beans up a couple as well, 1080 1/4.  Wheat gets a 3 1/4 gain, 532 1/4.  All with sizable drops in open interest as the fund short covers.  Rice bear pushing what he can see as forced Calander selling while he can, 1001 1/2, minus 27.  One take away from this rice move is if you feel you and your neighbor are stuck, it doesn't pay to wait on hope.  The computer can see it and there is nothing in place to stop said computer from slaughtering you.  Rules have changed.  This has been one of the most painful breaks on the rice farmer I have experienced in my nearly 40 years in the business, but nothing is preventing this action, or overaction in reality, from happening to the other grains, it really almost forecasts it.  Dow looks up new highs again, fades back to 98 lower close, 47,797 while bonds drop 27 tics on the Fed cut, 118.07.  

Follow thru buying pretty much everywhere Tuesday as Trump heads to the summit and meeting with China.  Dow peeked above 48K and closed 183 higher, 47,895 and bonds gained another 9 tics, 119.02 in front of Powell Dropping rates 1/4 on Wednesday.  Lots of loose money out there.  Beans up 11 cents, 1078 1/4 while wheat mustered a 3-cent gain, 529 and corn was good for 3 1/4 cents, 423.  Big drops in open interest broadcast this is more of the short funds getting out of the way than real big business.  I am wary of this rally at this point.  Rice is the other way around, with the roll and forced pricing all done by Fridays close.  Friday marks the official bin doors closed part of the rice crop to me.  

Monday trade firm everywhere with multiple deals in the works by Trump and Bassett announcing the framework for renewed China bean purchases.   Beans get a 25 1/2 cent pop, 1067 1/4.  Wheat up 13 1/2 to 526 and corn good for 5 1/2 to the upside, 428 3/4.  Rice blew out a big Nov long to contract lows at 989 and bounced higher, 1028 1/2 close.  Looks like a key reversal to me.  Dow up to new life of contract highs, again, 47,712, plus 316 and bonds pick up 6 tics, 118.25.

Dow tested new highs Friday after the Wednesday push lower couldn't find any big selling.  47,500 new high and a 47,396 close for a 474-point gain on the day.  Bonds leaked 8 tics in a dull trade, 118.19.  Grains a little weaker with another harvest weekend to deal with and some concerns of storage issues on the tail end of the corn crop.  Corn gives back the Thursday rally, 423 1/4 close, off 4 3/4.  Wheat off 1/2 cent, 512 1/2 and beans slip 3 to 1041 3/4.  Rice again pushed to new contract lows, 1010 trade and a 1016 close.  Even though we have no commitments to base decisions off of, I suspect that a good piece of the fund short in the soy complex and corn shorts will have been lifted by now.  Rice on the other hand could be a new record fund short if my counts are correct.  Next week should be the final push downward in the Nov traded products like beans and rice, as once deliveries are started, the delivery clerk has done his job on any remaining longs.  

Money flowing around on Thursday.  I really miss export sales and at this point we are accumulating enough data that when the government reopens, I expect a price reset to reflect the new data.  Corn up a nickel, 428 and beans gain a dime, 1044 3/4.  So far, the farmer has put more to storage and less to the market, so flat price and basis is doing some heavy lifting.  I do suspect that China will take some measure of beans, I just worry about the quantity.  Wheat gains 9 1/4 to 513 and hopefully 5 bucks is behind us.  It's not so long ago when I thought 525 would floor any downward push.  Rice off 2 cents, 1024, but that is such an obscenely low price already.  GSM 102 or comparable can't get here soon enough.  Dow in a down and up churn, 46,922 close, 140 better after they couldn't find any more sellers.  Bonds off 14 tics, 118.27.

Just to point out the obvious, most markets are just being computer churned, and when it becomes too obvious, change occurs.  Not sure what, but time to keep a more watchful eye.  Humpday corn just recovers Tuesday drop, 423, plus 3 1/4.  Wheat recovery of 3 1/2 cents, 503 3/4 and beans pick up 4 to 1034 3/4.  Rice pummeled to new lows, 1026 close, off another 21, with 2.2 Bu of rice is now cheaper than a BU of beans.  It's time to say the quiet part out loud.   Just as funds have exaggerated the upside of cattle, but the ranchers get blamed and have to carry the negative, funds are in the process of unrepairable damage to the US rice industry and rural America, and rural Arkansas in particular, will bear the loss.  Dow gives back 353 points, 46,782 and bonds pick up 3 tics, 119.09.

Dow traded to highs Tuesday and closed 222 points better, 47,135.  Bonds picked up another 13 tics as well, 119.06.  Grain room stalled with wheat seemingly struggling at very low pricing, 500 1/4, minus 4 1/2.  Corn down 3 1/2 to 419 3/4.  Beans and rice off a penny, 1030 3/4 for soy and 1047 rice.  Think about how rarely rice trades below beans and yet we are nearly there.  Record fund rice shorts making it happen.  

Monday markets buoyed by financials with the Dow ramping up 532 points to 46,913, a breath away from the old 47K area that we stopped against last time.  Bonds near recent highs, 118.25, plus 10 tics.  Beans in on the action, 1031 3/4, plus 12 1/4.  Wheat gained a penny, 504 3/4 and corn limped in plus 3/4 cent, 423 1/4.  Rice bear traded 3300 Nov futures on the day, 1300 rolled.  That is actually a lower percentage than I expected, so need to watch Tuesday action a little closer to see if maybe we have attracted a new player out here.  1048, minus 14 and new lows.