Friday

Friday a bit soft with meal off 10 bucks and beans down 9 3/4 to 1055 3/4.  Wheat hit for a dime, 544.  Don't like to see that.  Corn down 3 1/4 cents, 486 1/2 and open interest dropped 14k.  Rice set back 17 1/2 cents, 1467 1/2.  As the Argentina economy migrates to capitalism and the Brazilians regress to socialism, it will be interesting to see how they as a bloc uphold their expected capacity to feed the world.  I think you will see less hoarding for peso gain in Argy so exports should move quicker and more freely, and that was part of the theme with the just announced Argy tax cuts.  They aren't the big producer though, Brazil is, and socialism has never done a good job of feeding people, so these next several years could be interesting in global food trade.  Dow off 147 points to close 44,602, still up nearly 1000 points on the week and bonds up 10 tics, 113.06.