Friday

Ugly Friday trade as funds continue to dump longs, other funds continue to add to short positions, and July positions get liquidated.  Corn contract lost 51,000 July positions on the day, with July down 16 3/4 to 636 1/2.  Will we get Dec corn to a 4 handle pre report?  Depends on the weekend weather and just how big this western heat wave develops into.  July beans lose over 1/2 total open interest and collapse for 41 1/2 cents, 1329 3/4, again broadcasting that we probably will find more stocks in a few days.  Oil got wacked for 300 and this biofuel program requirements seem to have a different bar to cross each day.  Supreme court has sided with the fuel industry on exemptions, and that opens the door to less demand.  Wheat drops 14 1/4 to 637 and loses 1/3 of July open interest in the process.  1315 rice is off 8 1/2 and the July story there is almost already all played out.   Dow firm all day and closes up another 251 points, 34,333.  Bonds off a point and 6 tics, 158.24.