Thursday

Seems like a risk off Thursday as we opened firm but faded.  Corn ended off 4 cents, 529 1/2.  A private estimate of 170 area corn yields are now pretty widely disputed.   Most are leaning towards the USDA estimate being about right, to what I believe is still a bit low.  Beans poked above $13 but couldn't make it stick, 1296, plus 1 1/2.  Meal gained $4, but oil lost 150 points and this has been an oil lead rally.  Wheat could only muster 3/4 cent up, 713.  Wheat has the best story and oats are screaming.  Hard to get too friendly corn or beans going into harvest if the wheat cant get a strong run going.  Its hard to fight the calendar and the combine.   Rice drops 10 1/2 to 1368 1/2 and acts tired for now.   Dow has a 400 point churn range, 34,626, off 75 on the close.  Bonds leak 14 tics, 163.13.