Thursday

I liked everything I saw in Exports Thursday morning and after a lower trade Wednesday night, looks like the market is finding some kind of footing.  Beans saw a new contract low at 945 but recovered nicely, 963 close, up 11 1/4.  Big long liquidation drop in open interest, like a capitulation flush.  Time will tell.  Same story in meal.  Wheat printed a new low as well but less enthusiasm in the recovery, 533, still off 8 1/4.  Corn bids back in play and the farmer is a reluctant seller while the world seems to be a happy buyer, 440 3/4, plus 3 1/2.  Rice is a different story.  1441, minus 40 1/2 as the buyers retreat and it appears that a fund has decided to push to the downside.  The positive to this trade now is it should help us clear more inventory to exports.  Dow stalled after the midweek collapse, 42,797, plus 19 points while bonds drop another point and a tic, 114.01.