Friday

Friday gives some risk on trade with Dow getting a potential soft landing on jobs and interest rates.  Safe to say the Fed will raise no more than a 1/2 point in Feb, and just might be a 1/4.  Bonds rallied a point and 22 tics, 129.07, while the Dow pops 702 points, 33,772.  Don't lose track of the fact that we are just in bigger churning ranges.  Beans get 21 3/4 cents of the recent break back in a solid bounce lead by front month squeezing of meal and now beans.  1492 1/2.  Jan meal is $503, not real world sustainable but puts any short funds on notice to stay away, while march meal is only $460.  I think 460 is a bit pricey, but we aren't really in the meal.   One thing to keep in mind moving forward is high meal gives DDG a better floor.  Corn up 1 1/4 to 654.  Wheat down 3 1/4 to 743 1/2 going into a weekend with the Russian corridor I guess in a cease fire zone?   Vessel insurance is suppose to go up now in the new year.  What I want to note about wheat is even though we are a little tight domestically and crop conditions are feeble at best, the world doesn't care, because they can get enough without coming to our shores.  My fear moving forward in beans in a nutshell.  Rice gains a dozen, 1776 1/2,  in a low volume bounce with a drop in open interest.  Probably set the low of the range this week in rice so I'm not as afraid of owning pullbacks going into Jan 12 WASDE.