Friday Dow settles down 316 points, 20,957, and better than I expected. Bonds up a point and a tic, 182.18. Corn looked below the 330 support level trading 328, before closing 330 3/4, minus 2 3/4. China took some more corn on a flash sale, one of many i expect to offset the loss of ethanol grind. As long as we can ship it, we should be able to sell it. Of course, the funds don't care. As long as they can keep a thumb on your throat, they will. What they are doing in the meat markets is criminal. Oats have caught a bid and were 8 higher, so there is a glimmer of hope. Beans off 4 1/2 to 854 1/4 with meal off $6 and testing the 299 support level. Premiums have all been taken out of the meal spread this week. Wheat up 7 1/2 to 549 1/4 as the second easiest crop to get to the consumer(via flour) is still in big demand. The easiest crop to get to the consumer,(mill it and bad it), rice, up another 30 1/2 cents to 1455. 227 more vs. cash as the mills get paid to mill and there is still 6200 open in may. No issues at this time, but the spread roll is the strongest I can recall. Corona sure has been positive to domestic demand for rice and wheat, both crops that we started the year a little tight of, and will end the year as tight as people can recall. Remember, we still have to refill the pipeline once harvest does come this fall and it will be empty.
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