Friday

Loose money day Friday with the Dow up 440 points, 42,809 and bonds off a point and 10 tics, 112.04.  Wheat retook 550 with a 9 1/4 cent higher finish, 554 3/4.  Beans up 5 1/2 to 1057 1/4 and corn picked up 3 as well, 442 1/2.  Rice hitting some selling resistance here against the short rolling part of his position and just buying back the rest, 1365, plus 3 1/2.  Funds now short over 150K of corn in a remake of last year but without the trapped farmer and still short nearly 5000 rice.  They have very small longs in soy and bean oil and still a big meal short.  Money boys definitely not prepared for any weather this year.  Seems like already in places way too wet and in others too dry.  These are not baseline yield conditions.  California just might get E15 over the hump and hopefully we get favorable bio-oil rules soon.  Best cure for low prices is domestic demand.