Friday

Friday trade wanted to test the resolve of new longs with corn off a penny, 442.  Commitments after the close showed funds long 166k, a bit more than I expected.  Beans off 7 1/2 to 988 1/4 with meal and oil spreads posting a solid amount of carry, so this big crush that has helped beans may be running out of steam.  An announcement of biofuels bean oil component could change that in an instant.  Wheat off 6 1/4 cents, 552 1/4 but Dec went off 526 so there isn't a big front demand until near full carry.  1498 rice off 2 1/2 cents as spread roll continues at tight prices due to milling yields but seems to have support of bigger players below $15.  Dow off 111 points, 43,866 and that contract is rolling to March with a 470-point premium for the roll.  Makes me think the big money guys are fleecing the smaller index players as big as they can.  Bonds off another full point, 116.08.  I said we might look back at 120 bonds with envy, but I didn't expect it to happen this fast.