Friday

Friday had a continuation in the bean rally, 1374 3/4, plus 19 1/2, with meal gaining $7.  OI was up 3K but that was all new crop, so as the farmer is hedging new crop, its getting soaked up and the commercial is stuck short more old crop than he can cover.  Front is where the funds are winning.  Corn up 2 1/4 to 496 1/4, but another 18K increase in OI.  10K of that is in new crop, but corn is the grain that I could see the front take a break in first.  Wheat off 3 1/2 to 638 3/4, to end the week lower by small change.  Dow closes 30,993, plus 51 but 300 off the lows and marched up for the settle.  Bonds trade down to 168.05, new lows, and close 15 lower, 168.24.