Friday

Friday trade lead by outside events as we have offsetting China reopen and spy balloon stories, Russia lobbing missiles into Ukraine and drier forecasts for Argentina.  All uncertainty that lends to higher markets and long funds willing to get longer.  Corn gains 9 3/4 to 680 1/2 and we got a 25K pop in open interest to do it.  786 wheat is 28 3/4 higher and justified with a large spec short getting nervous and if Russia really does amp up ground forces trade in that region could halt quickly.  Production will surely suffer.  Rice off 3 cents, 1808 1/2 and we dropped 211 of open interest as some players are leaving the show up here.  Dow got back 161 points of the recent break to close 33,895 while bonds drop another 30 tics, 126.30.