Thursday

Thursday trade soft in the grain room, and it appears to these eyes that the short funds are gaining more confidence daily in their willingness to not only sell short, but push.   Wheat softer by 18 1/2, 692 1/4, and that opened the door for everything else.  No follow thru in meal, and in fact a good bit softer trade so beans drop 27 1/2 to 1362 1/4.  Corn off 7 1/4 to 561 1/4.  Rice did get a bid again as shorts cover and might have a new long coming in, as well as reports of at least 60K of milled business to long awaited Iraq.  1354, up 23 but facing headwinds from here with new crop green pricing.  Dow stalled as expected and mild churn day for 20 points, 34,709.  Bonds up 15 tics, 164.16.