Friday

WASDE dropped Friday with a few small surprises but no big ones.  Cut to soy yield allowed them to reduce consumption to offset part of the cut and a run up to 1044 backed off to a 10 30 1/2 close, plus 4.  Very small corn yield reduction was good for 3 1/2 cents, 431.  Wheat up a penny to close, 572 1/2 and rice got a slightly bearish, if not questionable raise in carry over due to a slight reduction in exports, that can't really ship until the river bean program is done, 1436 1/2, minus 3.  Dow put in a new life of contract high and closed 231 points better, 44,141 while bonds added 24 tics back, 117.27.  So much for election inflation.