Friday

Money flow into pretty much anything funds could buy Friday.  We could see the Dow basing but I didn't expect 714 more points to end the week, 33,817.  I was sure the debt ceiling was noise, but as we trade thinner and thinner, it's easier to exaggerate moves.  Keep that in mind all summer in all trades.   Bonds leaked 29 tics, 127.22.  Corn up 16 1/2 to 609.  Corn commitments had funds buying back 47,000 contracts last week by Tuesday close and based on trade thru Friday all but the stubborn have probably lost the will to be short corn, at least for the weekend.   Wheat limped along, 619, up 8 1/4.  The big, short position there is considerably less transient.  Beans gained 23 cents, 1352 1/2.  Soy outpaced crush as meal gave up $3.60.  Meal fund long continues to shrink its position, but I don't see them ever wanting short in this global setup, so shrinkage is a good thing to longer term base building.    Rice rallied to $8 a Bu and backed up to 1769, still 21 higher.   Fund short got played like a fiddle again.  Whole grain market structure seemed to overdo the rally Friday just like we overdid the break Tuesday.