Crazy day Thursday. We start with soft grain exports, but get a lower CPI, which is music to equities ears. Dow rips higher pre open and holds all day, closing a whopping 1185 points higher, 33,712. In my college days, today's point rally was the Dow 30 in its entirety. Bonds rally 4 points and 15 tics. As a reference, when I started on the floor, bonds had a 2 point limit before trade was halted, and that almost never was a consideration. Surprisingly, no spill over to the grains. Beans hit for 29 to 1423 on china covid policies and soft meal, corn down 11 1/4 to 653 1/4, and wheat off 3 cents, 803 1/2. Most now assume the Russia corridor will gt extended, but I suspect some drama next week. Ultimately, Russia is the big winner with it open, but I expect Putin will try to extract some other concessions first. Rice up a couple cents, 1800 1/2 and we gained open interest, so we probably have a new long fund getting suckered into the deep end. Crop marketing McGehee delivered 186 rice receipts, and with Mississippi basis so soft and freight so high, it makes some sense. Why they didn't deliver the first day, or at this point wait until the last is beyond me. Or just roll at 40 cents for that matter.
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