Friday

Friday- Sept options expiration made for some choppy trade and a push to the upside.  Corn looked up 670 but settled 668 3/4, up 11 1/4.  Wheat gained 15 to 784 3/4.  Beans up a whopping 52 3/4 to 1605 1/4, allowing (or creating depending on how you look at it) some interesting new long positions in September with only a couple days to notice.  Nov beans gained 30 to fix Thursday 25 cent drop and meal was strong.   Rice up 15 1/2 cents, 1731 1/2.  Looks like the Sept spread has played out to the downside.   Powell was hawkish and gave the financial bulls nothing to cling to, and the Dow took a hit, getting worse into the late trade and off 1010 points at the end.  That kind of a close will put the world on notice and should make for some lively debate over the weekend, and some frayed nerves by Monday morning.   Bonds off 4 tics, 137.22.  Next question: what happens first, does the globe run out of food, or money to buy it?