Day after thanksgiving and the world has a new covid variant to reconcile. Friday starts weak across the globe and the Dow is down over 1000 during the day, ending 34,858, off 891 points. Bonds rally 2 points, 28 tics, 162.28, in a flight to quality. With first intentions coming Monday and funds long the grains, liquidating trade pushed everything but corn down. Corn closed 7 higher, 586 3/4, but that was 20 off the lows and both sides were cleaning up Dec positions. 67K drop in open interest. I am surprised at the strength of the Dec/March spread so far. Beans lose 13 3/4 to 1252 3/4, and that's on a 12 cent bounce from the lows. Oil the weak link and OI down in both products. Wheat loses another 11 1/4 to 825 1/2, again with a 15 cent bounce from the lows. 27K drop in OI here. Rice off 17 to 1429 on declining OI as it appears that the professionals have churned the funds in rice again.
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