Friday

Friday trade brought weather premium back on the table, with a hot and dry northern plains forecast.  Corn up 20 3/4 to 682 3/4, and wheat gained 11 1/2 to 687 3/4.  Wheat as a feed is gaining popularity all over the globe, and if that cycle continues, we could go from excess to not enough quick enough to catch some end users off guard.  Not a concern for today, but might be one tomorrow.  Rice stuck, 1331, plus 1 1/2.  Beans rip for 34 1/2 to 1583 3/4 with oil as fuel instead of food leading the way yet again.  Dow has another 300 point range and closes near the highs, 34,742, plus 175.  Bonds up a point and 13 tics to 159.02.  This is the high end of what I thought bonds could do, and it gives me pause about what lies below the financial surface.  159 bonds and inflation are really almost mutually exclusive events, at least in the bigger picture of my mind.