Thursday

Thursday exports nothing unexpected but market as a whole just doesn't believe the USDA.  I mean really doesn't believe and to heck with the computer models don't believe.  We opened firm and just kept pulling.  India potentially halting rice exports and also now talk of dropping wheat import tariffs gaining traction.  Most people outside of my crowd don't really follow India as closely as they should, and this year could be that wake-up call.  South America crops are done getting bigger and starting to have some downward talk.  Basis is probably done widening from us to them as well.  Sept corn up 17 1/4 to 493 1/2 with dec back to $5 and July a buck over sept here at expiration.  Beans pop 43 1/2 to 1524 1/2 aided by a meal bid while wheat lags, 639 3/4, up only 7. Most know I don't like the wheat contract, but I can't for the life of me see why you would want the risk of a short position there with what is going on all around right now.   Rice gains 43 1/2 on the India news and a computer that got caught pushing down at the wrong time.  1524 1/2.  Given rice stocks, $15 is not some silly high number. If India and Thailand continue their current path, it could be cheap.   Bonds rallied another point and 7 tics to 127 even and the Dow took the day off, 34,590, up 40.