Friday

Friday Dow strong out of the box and closes 815 higher, 31,487.  When a market gets beat down that far, its easy to have big bounces.  Keep that in mind as these computers run thru the grains.  Bonds off a point and 2 tics, 136.01.  Open interest getting hammered in the grains as funds and spec longs head for the hills.  Corn gained 3 1/2 to 750 1/4 with July losing 65K of open interest and the contract dropping 49,000.  Nearly pinned the 750 strike and that puts someone in a long position by 1/4 cent.  Same story in beans with a 1610 3/4 close, up 17 1/2.  Beans lost 40,000 of open interest in the day.  Wheat off another 13 1/2 to 923 3/4 and the bear wants to make sure we have weak closes.  July rice off 6 to 1605 1/2 and open interest in July now under registered receipts.  Looks like July futures are stuck without any hidden buyers.  Export slowness is catching up to us.