Thursday

Thursday trade opens with soft export sales and more talk of wheat corridor shipments out of Ukraine.   Problem with our exports is the strong dollar, and problem with the Ukraine export corridor is this little thing called a war. 795 wheat is off 15 3/4 on the day and below $8.  The global wheat tightness has not been solved, so you have to consider that wheat might be the canary in the coalmine for other grains.  I would argue that wheat  is about the poorest written contract of all the grains, so it has always been the most susceptible to breaks, but we need to keep watch for if this is a contract issue, or just the easy low hanging fruit.  No question that a bunch of fund open interest has left the building, so the real issue is when will they come back.  Corn up a nickel, 605, and July corn went off nearly a buck higher than that.  Aug beans off 13 at 1471 3/4. but July went off 1610.  Another dead day in rice, 1640, minus 2 1/2.  Dow rallies nearly 500 from the lows, 30,604, off 154 points, and bonds slip 25 tics, 139.18.