Friday

Every settle Friday should be held with some level of suspect.  Oats have rolled over but still 365.  Wheat off another 12 cents, 651 1/4 and nearly half a buck off Wednesday high.  It's safe to say Russia won't have quite the inventory to flood the market this year like last so I'd also like to think we have a higher floor than last year. Corn following oats and wheat lower, 452 1/2, off 4 1/2.  Fund Commitments in short corn and wheat now down to reasonable numbers.  Beans up 11 3/4 to 1228 and SA weather (flooding south and Dry second crop north) is surely having an effect, at least on fund shorts.  Interestingly, commitments didn't show much more bean covering from the funds last week.  July rice off 34 1/2 with some late pressure to push the weekly close?  1875 1/2.  There's not that much old crop rice left out there, But as I was brutally reminded many years ago, if there's one bushel no one wants, it ain't worth too much.  Dow got a pretty dress on a quiet day, 40,137, plus 127 points while bonds leaked 19 tics, 117.10.