Friday

Friday really didn't have too much action as we await weather reports in SA and the ongoing wonder of how long the Russia corridor will remain open.  I would argue that Russia has 2 reasons to keep it open.  One, their own grain and Fert exports, and 2, letting all the grain in Ukraine leave so food can become an issue for Ukraine locals in the future.  Russia did that (starve the populace of Ukraine) 90 years ago, but the world seems to forget these things.  Beans recovered Thursday break, 1428 1/4, plus 11 1/4.  Corn up 1/4 to 667 3/4.  Funds dropped over 60,000 longs thru the week and US cash is getting closer to SA offers into Asia.   Wheat was a dime higher but couldn't hold it, 803 1/4, off 3 1/2 at the end of the day.  Rice tried to look up $18 a hundred again but faded off to 1779 1/2, still up 6 1/2 cents.  Adding open interest so some short dated funds are getting long again.  Commitments has the funds net buying 1150 contracts on the week.  It's really incredible how much volume they are willing to throw at such a small contract.   350 of those 18 calls out there waiting to get pinned in a holiday shortened week, with next Friday coming expiration.  Dow looked lower but pulled up to 33,775, plus 194 points, and bonds leaked another 13 tics, 125.14.