Friday

Friday Dow turned soft and broke 539 points to 35,252.  We know this is big range chop season, but I really didn't expect that much pressure on a Friday.   Bonds up 14 tics to 162.18 and financials continue to make a prudent man question the big inflation story.  Weather in SA is dryer than most would like, especially as you march south into Argentina, and although it is early for them, end of year position adjusting here and high Fert prices are holding back farmer pricing.  Beans up 8 to 1285 1/4 with meal the lead, and corn follows for a couple cents, 593.  Wheat up 4 1/2 to 775. and rice slips 1 1/2 to 1373.  More rice receipts cancelled and I don't expect any new registrations for Jan either.