Thursday

Thursday morning exports OK in soy but no real surprises.  Next week is going to be hot and dry for the mid-west and that's really the fuel for this bump.  1330 beans settle 6 1/2 better on the day.  Corn up 4 1/4 to 485 3/4.  The 475-480 area wants to provide value, maybe until the combines get rolling.  589 1/2 wheat is off 8 1/4 and my only real explanation is fund selling and fear of global recession.  More rice spread roll and 1 1/2 lower close, 1553 1/2.  I expect a significant uptick in exports to Latin America, but until the sales get posted we have to assume the buyers are waiting on the combines to hit Arkansas and hoping for a bunch of farmer green sales.  Bonds trade to new lows, again, and settle off another 23 tics, 118.21.  Dow off 285 points, 34,536.  Last Friday we were 800 points better so the churn factor in this trade is definitely weaker.  If you want to try to catch this knife, I'd make sure you have a trusty stop in place.