Friday

Friday financials recovered with the Dow up 221 points, 46,381 and bonds slipping 12 tics, 118.15.  After the fed drops rates later this month, we should see the top of the bond market by year end assuming the rest of the world is stable.  10-year charts look like rates could go a fair amount lower, but I worry we would be looking at some form of broader market compression to justify anything much over 126 for the long end of the curve.  Corn held 420 with a 422 1/2 close, plus 3/4 on the day and wheat picked up 1 1/4 to 503 3/4.  Beans good for 8 3/4 cents to the upside, 1019 1/2.  Rice had over 2000 Nov traded on the day with 1200 rolled and the spread never got inside of 20.  Still 7800 Nov futures need to find a home but 1500 of them are probably against receipts.  1062, minus 7 on the day.  Monday and Tuesday should tell us a fair amount in all the grains as to our direction finishing up harvest.