Friday

Beans gain a nickel Friday on the back of bean oil bids, 1186.  Wheat up 11 to 567 1/4.  Russia seems to have found a floor or has already oversold a bit.  Corn slips a penny in dull trade, 434 1/4.  Funds big ag short is still with us but the clock is working against them.  Planting needs to progress in a very timely manner with some good weather to boot.  Managed money should use this next week or two to make a new push down if they can, or I believe the clock will run out on them.  1616 rice was off 4 cents as most all the big fund long has liquidated, and shorts have entered the fray.  Commercial has cleaned up their short position nicely and was a net 1650 contract buyer last week.  Thats a pretty impressive turn.  Higher for longer interest rates have the Dow 307 points higher on a solid bounce off Thursday break while bonds lose 28 tics, 117.17.  I have abandoned trying to catch the bond knife until the Fed comes up with better guidance.  Nothing stopping us from checking the old lows even though it doesn't make sense to me today.