Friday

WASDE numbers Bearish on the surface for corn and beans, friendly wheat and rice.  586 1/4 July corn closed 4 higher on the day but Dec lost a nickel.  If everything winds up as rosy as they projected, we still have baked most of it into the cake.  Same with soy, 1390 July, off 15 1/2 and Nov down 24.  Record yields on both to get to numbers that I currently only see another 25 cents down in corn and 50 in soy.  Way too close to the bottom to be pricing.  Wheat supply tighter than expected and we gain 7 3/4 cents, 635.  With carry in wheat and premiums in corn I think we are taking away wheat feed risk usage domestically.  Global is another story.  Rice up 17 to 1848 1/2 with growing open interest and a showdown on the horizon.  Bullish old and new crop report and I would not sell another grain of new crop.  Dow higher and lower with the late Friday dress up to the end, 33,355, off only 16 while bonds slip 26 tics, 130.23.  Unless the FED or Treasury puts us into a depression, the bond market is setting up for another leg down.  I could see 110 but the market will have to do more work to get me to a solid projection.  Caution is growing when all the talking heads are the other way.