Friday

WASDE didn't disappoint the bulls on Friday with big drops in yield for corn and beans and corresponding rallies for the futures.   Record or near record yield misses from previous.  Corn pops 14 1/2 to 470 1/2.  Interesting to me that open interest jumped 72K to do it.  Beans up 26 1/4 to 1025 1/4 and open interest up only 4K, 2600 of that in new crop.  Rice up 6 1/2 cents, 1446 1/2 and open interest still over 12K so not too many funds have got off the ship.  Wheat off 3 1/4 to 530 3/4 after testing lows at 526.  At a certain point the globe loses feed demand in corn to wheat, and I have to believe with basis we are knocking on that door.  Dow lower early and stayed crappy, 42,160 close near the bottom of an 800+ point range while bonds off another 29 tics and looking at contract lows again, 111.07.