Friday

Dow got hit Friday for 611 points as the overrun to the upside has hit the wall. 23,619.  Bonds off 12 tics, 180.21.  In Ag Friday, Corn unchanged. 311 1/2.  Beans off 3 to 847 1/4 with meal off 2 dollars.  Wheat down 8 1/4 to 521 1/2.  May rice closes down 38 cents, 1677 1/2,  but that was about a buck higher than where we were trading..  Just another structural failure in the exchange.  As the years go by I have come to realize that what we most gave up by closing the floors was the member oversight of the minutia that makes the exchange work.  The details in all things, from settlements, to market participants, to market rules.  Rice settled off of false spreads, not reality.  Crude goes into negative territory, in a compelled delivery contract that some buyers cant take delivery in.  An owner will always oversee his domain to a much higher level than an employee.  Without constant review and adjustments, the core erodes.