Friday

Headed into a big harvest weekend so Friday action comes soft as expected.  Meal quickly back down to $330 a ton but I think that's still a bit high.  Beans off 8 1/4 more to end the week at 1037 3/4, off 28 cents from last Friday.  Wheat in a disappointing 589 3/4 close, off 13 3/4 and corn down 3 3/4 to 424 3/4.  Corn lost 18K of open interest on the day so it's not like we had a bunch of new shorts.  Fund Commitments down to 68K short corn, 35k short beans, 34K of bean oil buying to get long 16K and over 100K of meal longs.  Funds will need something new to get long grains and we don't have them short to squeeze out anymore.  If anything, the meal position could be a noose around beans neck for the next week or so.  Rice wanted to take out 1530 to the upside but couldn't, settling 1509 1/2, softer by 7 1/2.  Commercials seem to know there is something out there in rice and we saw the first barge of the McGehee receipts finally get cancelled (Thank you for the river level increase). I wish they would report some of the business so us commoners could see it before it's all shipped.