Thursday

Thursday trade looked to be a recovery day in the grain room.  Export sales really didn't bring anything to the table, but we still got a 4 1/2 cent bounce in Sept corn, 400 1/4 and wheat gained 9 3/4 to 571 1/4.  Beans looked solid early, leaked like they have been lately but recovered to 1063 3/4, unchanged.  Rice got a 12 1/2 cent bounce as well, 1466.  History doesn't bode well for the next few months if we do in fact have the stocks, especially corn, on farm that the government says, but I would argue that farm stocks is the biggest guess component of the WASDE balance sheet.  This is the time of the year where that miss could be the greatest, but the funds have placed all their eggs in the basket of government certainty.   I guess we will let basis sort it out.  Dow holds Wednesday pop, 40,089, plus 40 points while bonds gain a point and 3 tics, 119.27.