Friday

Financials tried to put some stability into the Friday markets for the weekend.  Bonds recovered 17 tics, 113.27 and the Dow bounced 153 points in a quiet trade, 38,441.   Grain story that grabs me most is the declining open interest attached to Friday.  It is somewhat expected going into options expiration and next week May deliveries, but I worry that the recent grain strength is driven more by just plain liquidation than these commitments show but will be evident a week from Friday at 2:30.  May 440 corn is off a penny, but open interest dropped 39K.  Beans lose 3 1/4 to 1159 1/2 and drop 32K of OI.  Meal OI hit for 16K as well.   Wheat closed 603 1/4, plus 1 and open interest drops 9100.  May rice off 27 1/2 cents, 1881 and May open interest is below receipts registered, so tough to get a big river based commercial squeeze.