Thursday

Thursday opened with weak exports, but a strong bean bid on the back of Trump comments about an increase in China old crop purchases.  We held all day and the buyers in the room made sure everything settled near the highs.  An old saying on the floor, 20 higher close today still will be an unchanged open tomorrow.  We got the 20-cent bump to 1112 and no question the funds are long soy, only how much they intend to defend, and is the China story real?  Second part is a bigger pill to swallow given what we know about Brazil.   Corn picked up 5 1/2 to 435 and wheat up 8 1/2 to 535 1/4.  Rice continues the recovery, 1127, plus 20 1/2.  Dow off 591 points, 48,998 but still in the churn range and bonds finally get just a little love, 115.12, up 27 tics.