Thursday

Violent down day Thursday as corn goes limit down, then off but back to limit for the close.  674 3/4, off 40 cents.  Oats dropped another 17, and wheat gets hit for 28 1/4 as well, 701 1/2.  July beans down 58 1/2 to 1584 with meal the weak leg of the crush, dropping $27.  Dow in a viscous churn trade of nearly 900 points and closing up 430 to end the day 33,938.  Bonds up 19 tics, 156.06.  As we have watched in the Dow, these systems get in a channel, get you complacent, open the ranges and chew up everything in their way.  Expect that style of trade to be coming to the grains this summer.