Thursday

Exports didn't give us much bull fuel Thursday morning as we mostly took a break day.  Corn slips 3 3/4 to 652 1/4 with wheat dogging to 667, minus 12 1/2.  Wheat is just a computer churn game with bullish global stories whenever necessary and a bearish contract design.  If there was ever a buy low sell high contract, forgetting about anything fundamental, this is it.  1501 beans are off 3 1/4 and rice looks both sides but ends off 1/2 cent, 1754 1/2.  Huge drop in open interest for one day as both sides unwind.   For those that don't trade rice, I think you still need to at least watch a bit of its action to help see just how much the computers and funds can push a market beyond reasonable pricing models and how much time and margin they can inflict on honest hedges.  Dow back above 34K and holding 337 points higher to close out the day at 34,190.  Bonds slip 11 tics, 131.26.