Thursday

Thursday morning exports didn't give us anything to get excited about, but WASDE at 11 spurred some action.  Old crop corn caught a bid with reduced stocks, abet expected, and we closed 8 1/4 higher, 699.  That was 18 off the high and 11 off the low, so we had some chop.  Nothing report in wheat, 683 3/4, plus 1 1/2.  Rice report was bullish as we lost stocks in long grain, but the bear sell off is still in play, 1293, off 18 1/2.  We have plenty of stocks to get to new crop and the commercial is pressuring the players who held too long, knowing that you have to clean out the bin.  That said, I suspect we might be singing a different tune on June 30 if  the new crop acreage drop gets printed.  15 million Bu of beans found in this report, and meal has been screaming they were out there, 1544, off 18 1/2.  Meal a dog as well and the products spreads got hit hard on the waning days of the fund spread roll.   At least that spread pressure should end with Fridays close.   Dow up 24 to settle 34,461, but they punched the hole to the upside to make for a smoother path for Fridays print.   Sept bonds up another 17 tics, 159.10.