Friday

Friday trade had opposing sides of a big fund short, china business, and the general cheap price of our Ag products vs. weekend weather with lots of moisture predicted.  Corn gained 1 1/2 to 332 1/2 and OI went up, so its not just liquidation.  Beans gain 3 1/2 cents, 876 1/2 with more china sales.  Its not just china buying beans.  Meals was soft.  Wheat off another 2 1/4 to 481 1/4, but still a big spread to corn.  July rice off 2 to 1402, and Sept gained 7.   July rice is just a casino, and Sept rice is looking at acres thru a few different lenses.  Dow had an 800 point range but closed off 370 as the early strength couldn't hold going into the weekend, 25,529.  Bonds stable at 177.09, off 4 tics.