Friday

Last trading day of the month and several government reports sure led to some debatable action in futures.  Corn given more acres and plenty of stocks, abet in hard to truly quantify farmer hands and Sept briefly checks a $3 handle, closing off 15 cents, 407 1/2.  If these numbers hold water over the long haul, we will need to reestablish what a low price for corn is.  I have some questions and observations that I will post internally thru the day Monday.  Sept wheat off 6 to 573 1/2 and as long as we handle harvest in an orderly matter, I expect global forces to soon lead wheat.  August beans off 2 3/4 cents, 1133 1/2 and Nov off 3/4 to 1104.  It's been noted that our meal strength goes against what we should expect given the size of SA soy crops, but the proof is in the exports, so something is amiss.  Sept rice off 5 1/2 cents, 1539.  Acres now within 20K of original beginning of the year internal estimates.  We will go deeper into those numbers thru the next few days as well. Dow opened up the churn range a bit on Friday which leads me to be wary of a bigger move in the coming week.  39,469, off 81 points and bonds lose 32 tics, a full point, 118.10.