Thursday pre report trade as well as first intentions clean up. Interesting that we had no corn or bean deliveries. 200 rice came out, 100 of that new. There are still 300 July to be reconciled so tomorrow could get interesting in all the Ag front months. Wheat will work from carry as expected. Corn slipped 9 to 581 with the funds wanting to push Dec below 533 but July beans were quite firm, 1483, plus 32. Nov was about flat. Wheat off 2 3/4 to 653. July rice up 22 cents, 1770 1/2 but minus 7 Sept continues its leak, abet with more volume and a much tighter range. Call based 3 ways traded so someone is finding value here. I don't expect much in the numbers for corn and beans but would not be surprised to see 70K more LG rice acres found. I think new crop is pricing that as we speak. Dow up 252 as we establish a new base to work from, 34,353. Bonds hit for 2 full points and 3 tics, 126.05 with inflation not going away and the FED almost forced to raise in July. Acres and stocks at 11.
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