Friday

Friday trade to end the week and set up for a long weekend.  Corn and wheat looked at both sides with corn gaining 3/4 cent, 464 3/4 and wheat slipping 3/4 cent, 697 1/4.  Funds still adding to a pretty big meal position but that bid helped put a bid in beans, 1248, plus 8 3/4.  Rumor of India opening up rice exports put some pressure on both old and new crop with July off 14 1/2 to 1834.  All the grain markets still feel tired to me and if we don't get something bullish out of the holiday weather patterns, I just don't see what makes the funds come and buy more. Commitments has the funds selling out 50K of corn and now back short 122k net.  Beans and oil short positions by the funds down to manageable positions but meal now over 100K long and I struggle to see who the global buyers will be at this level, or $20 lower for that matter.  The new crop rice buying was not funds, but an active commercial.   I also worry that after the grain crop is planted the farmer has time to think about marketing again.  Dow wanted to recover some of the last two days drop but was lucky to hold on, 39,157, plus 4 points while bonds took almost the whole day off, 116.26 for a flat close.  Dow lost just less than 1000 points on the week.  Expect them to try to glue humpty dumpty back together again next week.   Happy holiday weekend.