Thursday

Thursday exports brought no curve balls and we are just trying to find an area to settle into.  Funds are huge short wheat and can keep a lid on that crop until they flinch, but I struggle to see the money in any push down from here.  604 1/2, minus 2.  Corn up another 3 1/2 providing a solid recovery this week from fund driven shorts, 590 3/4.  Ethanol still profitable and providing a domestic bid.  Soy off 1/2 cent at the end, 1324.  Rice closes 1660, minus 1 1/2.  Open interest has several new players adding short July long Sept spreads and lots of talk that they have to converge.  Fair warning, they don't have to converge.  I don't know who put that story out there or who is spreading it, but there is a bunch more risk than the surface shows.  Personal note, I believe my biggest loss in over 30 years of futures trade was that spread.  It could close 50 cents or 5 bucks.  Or both.  Most have no business with anything related to July rice in their accounts right now.   End of rant, but please take note.