Friday

Post thanksgiving and short day trade Friday without a lot of news, but decent exports in corn, meal, and rice.  Still way behind where I'd like to be though.  Corn picked up 4 3/4 to 668 and rice gained 11 cents, 1812.  The rice fund is still adding longs as open interest is up another 275 on the day, even with Dec options expiration.  Corn and Wheat get big drops in open interest as their Dec options positions close out.  Wheat had a friendly story out of DTN, which I mostly agree with, that bought buyers out of the gate, but the short funds saw no follow thru and hit wheat hard, 775 1/2, off 18 at the close.  All the guys early that bought with a trailing stop got chewed up in a day.  Beans up 1/4 at the close, 1436 1/4.  Bonds off 1 tic, 127.19 and the Dow quietly up 145 points in a less than 200 point day, 34,356.