Strong Export sales opened Friday with a solid floor in corn and beans, the WASDE report really gave the bulls nothing to build on, but they bought anyway. Market disagrees with the governments expectations for yields and exports, and showed it in a big way as the funds painted the weekly close. Corn up 3 1/2 to 368 1/2. Meal rocks for $7 and beans up 18 1/2 to 996, pushing against $10. Nothing in the WASDE or global numbers justify buying from this point in price and time. Commitments of traders has the funds long 174K of beans before the report buying, long a slug of oil and 32K of meal, and 34K of corn as well. Those protein bulls have gotten so large they will need fed every day this week. Wheat weaker by 6 1/4 cents, 542, and rice bearish report helps push long grain down 36 1/2 to 1211 1/2. Cash is currently bid stronger than futures, so it will be interesting to see if the rice bull appears to defend Monday. Dow churned near 400 points on Friday but closed a relatively calm 67 higher, 27,612. Bonds up 11 tics, 176.19.
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