Friday

Friday market really a build up to WASDE but getting beat up with global issues and another weak day in the Dow.  Stocks crappy early, and not to disappoint, stayed crappy all day and closed 875 lower and on the lows, 31,388.   Bonds had no flight to quality, and lost a point and 14 tics, 136.21.  We will be switching commentary to Sept financial futures from Monday on.  Really an all around punt of WASDE.  Corn knocked both sides of the range but settles 1/4 higher, 773 1/4.  Wheat has a 28 cent churn as well but another nothing close, 1070 3/4, off 1/2.  Oil soft and beans fade lower to give back 23 1/2 to end 1745 1/2 after one heck of a strong week, given I expected a bit of a set back, not a bounce.    Rice off 38 1/2 to 1625 in a textbook liquidation trade where it appears that the funds puked their longs into well played commercial hands.  1300 July traded and 1050 of liquidation.  That is a ratio almost never seen.  Congratulations goes out to the commercial that milked that cow.