Friday

Friday trade firm everywhere as confidence grows that Powell is done raising rates.  Truth is the government needs to cut spending for us to be sure Powell is done, but that is a topic for another day.  Wheat up 7 to 572 1/2 and corn pops 7 1/4 to 477 1/4.  Thar was a surprisingly easy jump in corn and shows the shorts aren't overly proud of their position.  Keep in mind we are on the starting edge of silly season thru thanksgiving, Christmas and the New Year, where funny money does funny things trying to dress up a year worth of trading revenue.  Wheat and corn have some impressive fund shorts to defend.  Meal rips for 15 bucks and beans follow, 1351 3/4, plus 23 1/2.  Rice up 4 cents, 1585 1/2.  Still a lot of Nov futures positions sitting at a big positive spread to Jan and waiting on receipts that should have already came if we were flush with extra rice.  Dow up another 223 points, 34,137 and 1600 points better than last Friday close.  You don't see that kind of a sustained move very often but just a clear flag that silly season is upon us.  Bonds up another point and 5 tics, 113.21.  That was a full point off the highs.