Thursday

Thursday export sales strong in beans and Dow opened firm, setting the tone for some buying systems.  Beans closed up 19 cents, 1391 1/2.  Funny that soy lost 15K of open interest in the bump.  Does not build confidence.  Wheat gained 8 to 849 1/4, and corn picked up 5 3/4 to 684.  Rice fund selling kept up the pressure , 1645, off 3 1/2.  We dropped 340 of open interest, so a long gave up and a short re-owned.  Dow 300 higher early but turned into just another computer churn day and settled off 107 points, 30,353.  Bonds off another point and 15 tics to 120. 14.  Months ago this was my target, but given today's financial environment, I'm not comfortable calling this any kind of a floor.  Quick glance says we can drop another 16 full points if we wash out.