Thursday

Dow recovers half of Wednesdays drop to close 21,273, plus 533.  Bonds up 13 tics to 181.17.  Rice bull back, 1424 1/2, up 19, and the spread roll continues with a firm bid.  Cash is just thin to non existent in first hands, and the commercials will continue to bid as long as consumers buy retail.  Best margins the mills have seen in years I would guess.  My problem is the retail hoarding has to be done sometime soon, and the restaurant business is drying up.   Beans off 4 to 858 3/4 as meal drops nearly $6 more to below 310.  From here on its up to the funds, but meal has a lot of air to the upside if someone decides to push.   Wheat down 8 1/2 for a 541 3/4 settle and corn leaks 1 1/4 to 333 1/2.  These are stupid low prices for a crop that hasn't even been planted, all while the SA crop seems to be getting smaller, but over any given cycle the funds can do whatever they want and lack of ethanol demand isn't helping matters.