Friday

Computers wanted to make sure Friday corn close was a low, and we clearly had longs puking out of positions,  so a 3 1/2 lower close was the result, 307 3/4.  Every single participant that will speak has bearish opinions about how low corn will go, but almost universal bearishness abounds.  I will remind you that the herd is almost always wrong, and we built those bins to ride out these swings.  Beans getting long liquidation as well, 865 3/4, minus 9.  Wheat below $5 to close 495 1/2, off 5 3/4.  Rice did hold and bounced 4 1/2 cents, 1152 1/2.  My big concern with rice short term in Arkansas is going to be high freight rates this fall with all the beans and corn that will have to ship.  For some reason, rice trade hates higher freight.  Dow looks lower Friday but rallies 48 higher, 27,333 close, while bonds drop 21 tics, 181.19.