Friday

Highlight of Friday trade going into the long weekend was a nice meal led bean rally for a dime, 1172 1/4.  With commitments showing funds short 134K of soy and not being able to dress beans lower for the weekend, I liked that action.  Corn leaked another 1 1/4 to 416 1/2 and wheat was off 6 1/2 to 560 1/2.  No real desire for the funds to take on more short risk gives us hope that any fundamental positive change could have outsized gains attached.  Rice off 31 cents, still 1832 and in no man's land for futures trade.  Funds want to puke, and the river should still take it.  Funds want to buy and a lot less inventory to sell them.  Dow tried to hold but faded late, 38,697, off 161 but in a pretty tight range and giving back less than half of Thursday rally.  Bonds leak 21 tics, 118.07.