Thursday

As satellite images project 8 million or more Iowa acres affected by the recent weather system and the numbers of storage facilities, both commercial and private pile up, the fund corn shorts are running for the door. Another day of over 30 K liquidation drives futures up 10 3/4 to 325 1/4.  Beans gain 15 3/4 cents, 896 1/4.  Export numbers nothing to sneeze about.   Meal finally gets a bid and pops $8.  Wheat closes 496 3/4, plus 5 1/2.  Rice quiet except for the spread roll, 1175  1/2, off 2 1/2.  Rice needs some new exports and it needs it soon.  Fortunately, Thai and Viet prices are solid in the $480-$490 area.  Dow backs up 43 in a relatively quiet day, 27,823, while the bonds drop another 31 tics, 177.26.  I'd say bonds are getting overdone to the down side, or else we are about to have a major dollar shakeup, and I don't see that coming.