Friday

Friday grains soft with corn off 3 1/2 to 315 3/4, rolling into first notice day next week and the margin clerks putting the pressure on remaining longs.  Wheat hit hard, 526 3/4, down 20 1/4 and the spread going from premium to discount.  Beans off 7 to 832 1/4 with weak bean oil.  Rice in a violent range over $1 but closing 6 1/2 lower, 1661.  Spread trades $2 over as shorts overstayed their hands, and clearly commercial long wants physical.  Dow up 321 points, 23,658, and bonds up 19 points to 182.00.