Thursday

Normal exports to start Thursday take a back seat to global issues, and what I want you to take out of the day's action is how important other countries announcements can be in the short term this year especially.  Wheat has a friendly global story but no fuel today and slips 7 1 4 to 639 1/2.  Contrast that action with a Brazil Ag tax which no one really understands and has not even been instituted, yet soy up 22 3/4 to 12 bucks.  452 corn was a 12 3/4 cent rally and much more than most would have expected.  RGDS in southern Brazil got flood and Brazil booked nearly 300K tons of import rice to keep a ceiling on local prices, much to the dismay of the local producers.  July futures popped 84 1/2 cents on an easy short squeeze for the computer, 1826.  Sept rice lost 2 cents.  It will be interesting to see Friday close to see how much of this Ag juice stays in the glass.  Dow up 71 points, 38,955 and bonds gain 6 tics, 119.08.