Friday

Nice 9 3/4 cent bounce in corn to lead the way higher in grains Friday and beans up 15 as well, 1034.  Corn added another 51K of open interest to an already large 292K fund long so corn will be defended but I don't know how many more they can bring to the dance.  Beans just shifted from short to long so there is a much longer ramp if the big boys want to play.  A bullish potential for beans would be if China goes back to the last Trump era of grain purchases, not because they are the cheapest, but to keep a lid on Trump tariffs.  Rice up 16 1/2 to 1480 1/2 and the big fund short is still a big fund short.  Would not short rice or any new crop grain for that matter until we find out what deals get cut.   Wheat up 1 1/4 to 538 3/3.  Dow trades 323 points better to end the week in front of the inauguration at 43,695 while bonds add 3 tics in quiet trade, 113.03.