WASDE report on Friday was pretty much as expected. They cut corn carryover, and the market popped initially, seeing new highs of 595, but faded to end 2 1/2 lower, 577 1/4. I expect another stocks cut next month. Wheat had a bid and closed up another dime to end the week 638 3/4. Rice in another dull spread roll trade and we got a bit of a bearish report, but the market mostly took it in stride, 1309, off 2. September had a 100 lot bull 3 way quietly trade with 1280 floor in the puts. Meal roll really ramped up again Friday, and I believe that it is mostly done, but front meal still off over $5, and oil off 50 points as well, so beans slip 12 1/4 to 1403. I would expect the computers to try to look below $14 and/or above 1430 next week. Each week of old crop that goes by makes for lesser and lesser resistance to swings, although too hard down will get new buying. Buy low, sell high. Don't sell what you don't own. Rinse and repeat. Dow again pressing to new market highs, 33,682, plus 292 points, and bonds drop 9 tics, 156.16.
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