Friday

Friday grain trade started shaky but held in better than what could have been.  Wheat posted new highs over 7 bucks, dropped to 659 and recovered to 678, off 18 1/4.  That's a bit of volatility.  Corn off early but got back to basically flat, 464 1/4, plus 1/4.  Beans holding best and the funds are long the complex to defend, 1240 1/4, up 9 1/4.  As long as China and US play nice, there is a decent floor.  Rice set back 15 1/2 to 1397 1/2 as we look to clear remaining old crop cash at steep discounts to the board.  Not nearly as much to clear this year, but the commercial will still try to play it as long as he can.  Of note, every grain lost open interest Friday.  Every grain in commitments showed a net increase in long position, or a shrinking of the short in wheat, but most of the gain was really just shorts leaving the dance floor, not new players on the bull side.  End of July seasonal softness has to be front and center on the big players minds.  That is not a bull market sign.  Dow gained 230 points in a rebound churn, 52,124 and bonds get back 8 tics, 109.23.