Thursday

Thursday exports good enough in Ag to allow a quiet, catch your breath trade as ownership gets slowly shuffled around.  Soft early trade had no follow thru as I believe any spec selling is getting met with shorts wanting out.  Wheat was and should continue to be the softest leg, 591 3/4, minus 6.  Corn gave up 3 1/4 to 422 1/2.  Beans got back to higher on the day, 1177 1/2, plus 1 3/4.   Another low volume day in rice, 1244, off a penny.  We are at a point in rice where the sellers are willing to operate, and the buyers would rather pay small overs for their short term cash needs than bid the board, and wind up with McGehee receipts.  Dow looked lower in a churn trade but closed 52 higher, 29,443.  Bonds act like they have stabilized for now, which is a massive relief to me.  173.08, plus 23.