Friday

The delivery clerks have finished pressing on retail July longs Friday, so we got a nice bounce in the grain room.  Corn up 8 cents, erasing most of the last 3 days losses.  417 1/2.  Strong oats and no corn deliveries tells us that maybe the funds have oversold and are at this point dependent on some kind of bearish report on Monday.  Beans up a nickel, 1027 3/4 but heavy meal deliveries and not much of a sponsor for the 200 beans that did come out.  light wheat deliveries and an oversold market gets us a 524 3/4 close, plus 3 3/4.  Rice up 6 1/2 to 1310 1/2 on under 300 deliveries, and July futures about fully put to bed.  I will be switching to sept futures in the grains starting Monday.  Dow up another 407 points, 44,125 and bonds slip 15 tics, 114.15.