Friday

Friday action erases most of the gains from Thursday in soy, 1179 1/4, minus 20 3/4.  The Brazil tax increase mostly discarded in a day.  I would note the flash China old crop sale and Brazil needing to add revenue to make me nervous of pressing down here.  Corn only gives back 3 1/4 cents, 448 3/4.  Interesting to see a 22k drop in OI. Commitments has the funds bigger short corn than expected.   Wheat off a dozen to 627 1/2 but met my downside objectives for this move and OI dropped 16K so I'd say it hit downside objectives for others too.  Rice off 9 to 1817 as July continues its unwind.  Commercial doesn't have much of a July long in rice commitments.  Dow off 98 points, 38,857 and bonds roll over, 117.13, minus a full point and 27 tics.