Thursday

Thursday was a day of grain capitulation as spec longs blew out of positions in volume.  Beans took it the worst, 1593 1/4, off 59 1/2.  Wheat not far behind leaving 39 1/4 on the table, 937 1/4.  Corn in tow, down 21 to 746 3/4.  Rice gave back the Wednesday bounce, 1611 1/2. off 20.  Dow in a tight but firm day gaining 201 points, 30,672, and bonds up a point and 4 tics, 137.03.  Really don't see how the bonds can go up much more.