Thursday

Exports Thursday morning had nothing big to grab attention and after the initial push higher in grains, especially soy, the markets all softened.  Sept beans looked at 1490 and rolled over to 1453 1/2 closing off 15.  Nov lost 22 and back below $14.  Not a pretty chart if Friday doesn't bounce.   Corn off 7 cents, 533 1/4 and wheat off 7 1/4 to 712 3/4.   Corn gained 18K of open interest in the break so I'd guess the funds are going back to their short bias in corn.  Rice leaked another 7 down, 1579.  Post Fed the Dow ran up early but rolled over as well losing 253 points by the end of the day and 400 off the highs, 35,431.  Bonds off 2 full points and 10 tics, 123.28 to make another round trip in the recent ranges.  Three month treasuries did nothing in the show so maybe we got a blow out bottom or maybe the markets that have been pushing the barbell strategy are starting to reset one side to match the other.  To clean up an inverted yield curve the Fed can stop raising but not drop and that could force longer paper higher.