Friday

Powell opened the doors to the coming rate cuts and the Dow responded with an 861-point rally Friday, 45,715 and the first 1000-point range day in a while.  Bonds up 25 tics as well, 114.27.  Options expiration in the grain room but nothing really to pin, and corn picks up a penny, 388 1/4 while wheat slips 2 1/4 to 504 3/4.  Beans hold Thursday rally and add 2 more to the total, 1036 1/2.  Rice bear has figured out he can roll and push down at the same time, 1152 1/2, minus 21 more.  Don't be in a hurry to catch the knife. Sept. Rice down to 2775 left for next week.  With big carries in all the grains, the margin clerks will hound the longs in September, to the benefit of the short player.  I would have you look at meal spreads to watch the commercial force the computer boys to reevaluate their oversized shorts in meal.  Yes, you can push the futures down, but not so fast on the meal spread roll.  Thats a pretty expensive tax to pay, and they just got that education.  I sure wish we had commercials that wanted firm prices in the rest of the grains.