Only bright spot Friday to end the year was rice with a 15 1/2 cent gain, 1730 1/2.   Jan deliveries have open interest winding down in an orderly fashion and we will be march in all the grains moving forward.  In the big picture, Dow closing off 17 points, 38,012 was an upside yearend number that few, including me saw coming.  124.3 bonds, off 6 tics, still a solid number with the market so far confident that the FED has pulled off a soft landing and are done raising rates.  What the FED wants and what the world is willing to pay for our staggering debt load moving forward will be a topic for a later day.  Beans drop 11 3/4 to 1293 1/2.  Corn slips 3 cents, 471 1/4 and wheat closes 628, off 3 1/2.  Happy New year.

With exports delayed not much bull fodder for Thursday and we leaked lower.  Corn off 2 1/4 to 474 1/2.  Wheat up only 8 1/2 to 631 1/2.  Doesn't seem to matter what happens with the Russian corridor as long as Russia has wheat to ship and currency to raise.  Beans give back 11 1/2 cents, 1305 1/4 and rice loses 11 going into deliveries, 1715.  Bonds off 25 tics, 125.04 and due for a little set back while the Dow comes one day closer to a year end high, 38,029, plus 23 points.

Wednesday trade softer in the wheat with no follow thru, 623 and off 13 1/4.  Corn slips 3 3/4 to 476 1/2.  Rice leaks 7 as well, 1726.  Beans up 3 1/2 cents, 1316 3/4.  A little surprised with weaker meal action.   First intentions for rice and meal, oil, beans on Thursday close so make sure you clean up any Jan positions.  Dow melt up to new highs continues, 38,006, plus 112 points while bonds gain a point and 20 tics, 125.28.  No reason yet to fight the bond rally.  A lot of air under us in equities.  

After a Merry Christmas some holiday cheer carried over to the markets Tuesday with bids most everywhere.  Dow floated up another 154 points, 37,894 while bonds found 15 tics to the good as well, 124.08.  Bonds should continue the upward float until someone realizes we have to pay all that debt back by selling more bonds.  That could be a few months of easing followed by blood in the streets.   Or just an empty main street.  Wheat up 20 with a Russian vessel sunk by Crimea and fear of naval escalation, 636 1/4.  Corn follows for 7 1/4 to 480 1/4.  Beans get a floor from a solid meal trade, 1313 1/4, plus 13 1/2.  Rice the lone laggard giving back 6 cents, 1733.  Margin clerks should be pressuring the longs in Jan soy and rice for the next few days.  

Friday trade jus pre-holiday book cleaning with corn plus 1/2 cent, 473.  Funds short 181K in commitments selling another 29k on the week.  1299 3/4 beans up 2 1/2 and leaving the 13$ puts to be exercised.  Funds pretty much out of their bean long.   Wheat up 3 3/4 to 616 1/4.  Rice gains 6 as well, 1739.  Jan rice open interest is down to 2000 with a week of trade left to clean up the remaining positions before delivery, taking a fair amount of fireworks risk off the table there.  On a positive note for all grains and rice specifically, the river is expected to rise to levels better than forecast a week ago.   Dow off 16 points, 37,740 and bonds leak 6 tics, 123.25.

Thursday morning opened with good exports but no desire.  Corn up 2 3/4 to 472 1/2 as good as it got.  Soy leaked 11 cents, 1297 1/4 but Jan options expire Friday and I doubt that 7000 new shorts are just there for the ride.  Should bounce above the buck at least for a day.  1733 rice off 2 1/2 and options expiration should keep us between 1720 and 1740.  Wheat up 2 1/2 to 612 1/2.  Only positive there is we are holding $6.  Dow recovers 311 points of Wednesday beating, 37,756 while bonds slip 13 tics, 123.31.

Wednesday trade feature was the Dow getting hit for 486 points, 37,445.  Given the outsized rally of late, a setback was expected and warranted.  My issue is no real news drove the break and the TV pundits had nothing to blame it on.  Thin air and greater fools' theory aren't allowed to be discussed on air, I guess.   Bonds up 23 tics, 124.12.  Fed wants and needs to cut rates ASAP because we can't pay the juice.  Yet to be seen who will possess all the paper the Government has to sell.  Wheat off 12 3/4 to 610.  No new China sales.  Corn slips 3 to 469 3/4 testing the 470 support and beans looked higher early but faded to 1308 1/4, 4 1/4 lower on the day and the leaking action most are not good at trading.  Sitting on a grinding lower short position is hard for me to do.  Rice did pop a dozen, 1735 1/2.  plenty of stories of business out there if we can ship it.  

Mostly soft grain room with non threatening weather in SA and not enough new sales to feed the bull.  Soy off 14 1/2 to 1312 1/2 and meal off $9. Soy gives up 14K of open interest as the longs are leaving the dance floor.   Rice sets back 15 cents, 1723 1/2.  Corn slips 4 1/4 as well, 472 3/4.  Wheat has a small 5 3/4 bounce, 622 3/4.  Holiday trade.  Dow continuing the melt up, 37,931, plus 253 and I wonder if they are going to continue the push thru the new year, or some of the bigger players will take their money.   I just wonder how much depth is there to take.  Bonds up 15 tics, 123.23. 

Rice up 26 1/2 to 1738 1/2 for the Monday feature and March pressed against $8 a bu. which will get the next level of cash moving.  Beans up 11 1/4 to 1327 as well with more China purchases and the products with a bid.  Wheat quiet in the cash and the board slips  to 617, off 12 1/4.  Seems like all the grains are dependent on China more than usual this marketing year.  Corn off 6 as well, 477.  The difficulties of both the Mississippi and Panama canal could have some longer lasting negative effects on inland grains as we progress thru spring.   Dow up 17 points, 37,678 and bonds give back 19 tics, 123.08. 

Friday just a dull pre-holiday book cleaning.   Corn picked up 1/2 cent, 473.  Commitments has the short funds adding and now 181K short.  Beans plus 2 1/2 as we clean up Jan positions in front of next Friday first notice.  616 1/4 wheat is up 3 3/4. Rice gained 6 to 1739 but stayed below strike so no new options got elected.  Dow off 16 points, 37,740 and bonds slip 6 tics, 123.25.