Friday

Friday trade started with reasonable export sales, but the real action came with WASDE numbers at 11.  Initial soft trade on what was by most counts bearish numbers in corn and beans, but sell the rumor and buy the fact trade kicked in, allowing a strong bounce.  Corn closed 517 1/2, up 7 1/2 but that was 20 off the lows.  I think the numbers on closer inspection will not support much of a rally in corn or beans.  Beans up 16 cents,  1286 1/2 with meal getting back over 340, although oil just cant get a bid.  Rice report friendly and even before the report, iceberg buying kept a solid floor in place.   We went off on the highs, 1348, plus 17.  Would expect some harvest pressure across the grain floor Monday.   Dow off 263 points, 34,607, and bonds gave back most of Thursday spike, 164.09, off 27 tics.  Will be switching financials to December on Monday.