Thursday

Thursday morning exports solid in beans and good wheat numbers too.  River logistics need to improve.  I think the bean exports helped hold us Thursday, 1013 1/4, off 3/4.  Corn off 7 to 405 3/4 and wheat down 10 1/4 to 565 1/2.  Rice buyer appears to be a short cover trade, possibly the funds.  1552, up 5 1/2.  They have bought a lot of rice into farmer selling.  At this point, something in exports needs to show up pretty soon.  Bonds off a full point or more for a bunch of the day and end 30 tics lower, 125.04 while the Dow rips to new highs, 42,447, plus 538.  Trying to figure out if the markets are just pricing in a perpetual printing press so what we are really seeing is dollar devaluation.  I'd like to think more practical heads would prevail, but the markets don't think so.