Friday

Feb calendar options expiration Friday, and I was looking for what strike might be pinned, vs all the strikes just getting wiped out.  Figured they would pin 520 corn and instead we wiped out everything down to $5, with a 23 3/4 cent break to 500 1/2.  Decent drop in Mach Oi as expected but no wholesale position flush.  Commitments had the funds lightening up last week by 25K in advance of this washout.  The thing the numbers are screaming at you about is there are two very distinct sets of funds, and computer programs, running at the same time.  One very short dated and one very long.  Beans get spanked for 58 1/2 to 1311 3/4 with meal soft by another $17.   I was reminded that back in 08 we had a $1.50 pullback in march on the way to 15.86.  Wheat off 26 1/4 to 634 1/2.  Rice had another low volume day, 1327 1/2, up 3, but commercials did 525 vs cash, so rice is still moving.  Dow off 173 points, 30,909 and bonds up 14 tics, 168.28.