Thursday

Thursday trade mostly a reset and another sign that in grains, just like most everything traded in the world, we exist in a giant churn machine where only the computers consistently win.  Corn off 9 cents, 448, giving back about 1/2 of WASDE Wednesday pop.  About where we closed a week ago Monday.  652 3/4 wheat was unchanged, and about where we were a week ago Monday.  Beans plus 3/4 cent, 1166, only 6 lower than the 8/3 close.  Rice pops 28 cents with good exports, 1419 1/2 and guess what, 2 better than the 8/3 close.  If you think about grain volatility in a longer timeframe than a day and account for the midweek noise, is volatility too cheap most of the time, or is it really still too high.  Its only too cheap when we bust out of the churn ranges.  Dow up 64 points, 53,935 and bonds up 20 tics, 109.21.