Thursday

Thursday morning exports brought no surprises.  Bulls wanted a rally but mostly fizzled.  Corn was 9 better but closed off 8 1/4 cents, 537 1/4.  Beans up a dime early but off 5 3/4 to end 1426 1/4.  Wheat only lost 3/4 of a penny, 727, but was up 23 cents.  Rice gains 24 on a big increase in open interest with news that India will halt non-basmati exports.   I think that's news that gives our domestic market a tail and a higher floor more than a current blowup from here, but the funds can make things inelastic if they want to add 600 contract longs a day.  1588 1/2.  Dow trades to contract highs again but backs off to 35,401, still 148 better on the day.  Big differences between the indexes as noted by a dear friend today and that always catches my eye for momentum change to come.  Bonds drop a full point and 16 tics, 126.06.  After the recent rebound I thought it would be harder to push up much, but that was poor action.  Worth a watch for a bit of a bounce Friday.  If no bounce, probably no good back to the lows.