Friday

Eary bids couldn't hold the grains as funds want to make sure we have a soft Friday close to help paint the weekly charts.  Corn closed 390 1/2, minus 3/4 and right where it closed Monday.  Net short 343K contracts.   Beans off 4 cents, 1036 3/4 but that was up 3 from Mondays close.  Funds record short 186K contracts.  Rice off a nickel, 1424.  Rice is the one grain where the funds have some room still for a downward push as far as their open positions go but the commercial has turned long, even counting all the farmer hedging.  Wheat got a 7 1/2 cent bounce, 542 3/4.  Lots of grain churning but the funds are so short they have to count on farmer capitulation to get paid.  On that note, crops do look great for the most part, but its only July.  Another positive is Paris futures have a bit more bid and a much less rosy production outlook.  Friday Dow down 396 points, 40,562 for a Monday, Tuesday Wednesday rally followed by Thursday and Friday break.   Big picture is wide ranges but just a churn where the computers got rich and anyone who got flushed out got fleeced.  119.04 bonds off 22 on the day but only 2 tics off Mondays close.  See the systems churn.  Don't get churned.