Friday

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.