Friday

Continuation of the position resets from Thursday friendly WASDE numbers drive Friday Ag trade.  Corn up 4 to 675, and I find the loss of acres a longer term mechanism to move my floor up as its unlikely that the USDA can find those lost acres back in the future.  Beans up 9 1/4 to 1527 3/4 on 11k of new open interest as the funds buy back what they sold last week,  Meal just couldn't muster the strength up here and faded 5 bucks.  We lost yield to make the total numbers work, and with the atypical draw from the Pacific northwest for rail when the river was low, there is room for the USDA to find that yield back in farmer bins later in the year.  Wheat only up a penny, 743 3/4 and the fund short position is pronounced.  Keep in mind that if the commercial wants cheap grain he doesn't mind the funds keeping futures prices low.  Nearly 1/2 of the total open interest in oats is short fund net, but the commercial wants cheap oats so the funds get to collect a break and rolls.  I don't have the courage or trust to be that little parasite fish swimming so close to the sharks.  Rice up 9 1/2 to 1815 and probably fairly priced knowing that now the door is open if the computers want to make a spike up.  Dow looked down to 34K in a 450 point churn day but like clockwork recovered to 34,416, plus 97.  Bonds seem tired up here and after looking higher rolled over to 130 even, off 21 tics.