Friday

WASDE on Friday was slightly friendly to beans and corn, but soy dropped 7 1/4 by the end of the day, 995, and corn was off 3 1/4 as well, 396.  Without weather for some fuel, these funds intend to do just what they did last year in waiting the farmer out.  Wheat gives back Thursday bounce and we closed 545, pretty much where we spent most of the week. Rice off 14 cents, 1278 and I can't for the life of me justify what the government is posting for supply, old crop or new crop.  This might be a difficult time to wait out until the bin doors close and reality sets in.  Due to the increased feed and protein production brought online these last 5-7 years in Brazil and South America in general, the world is adequately supplied of food and feed.  The funds have this figured out and until we have a global production, financial, or military hiccup, it will be hard to get grain prices significantly higher for any period of time.   Inopportune weather conditions near harvest (drought or early hard freeze for example) could provide an outsized pop as the funds are short so much corn and meal.