Friday

Friday WASDE was a bit of a bearish surprise with yield increases in corn and soy.  Corn hit to 441 before recovering to 447, still off 10 3/4 on the day.  Beans trade clear down to 1203 before a solid bounce back, 1224 1/4 close. Off 12 1/4 but shows that the funds are probably a bit overextended in corn and beans.  596 wheat drops 7 3/4 to 596 but mostly in sympathy with corn.  Rice got a bearish stocks number which I can't agree with, and the market didn't either, 1767, plus 15 cents.  Add to that the exports number is woefully understated.  Dow off 135 points to close 37,792 and a bit of a shock that the Friday window dressing didn't make the cut.  Could be an interesting Monday in equities.  Bonds up 5 tics, 122.28.