Thursday

Big build up to Thursdays WASDE report, and the result was a punt.  And a poor one at that.  Reports like these are either bullish, or bearish, and neutral is considered bearish.  We all know the government will have to raise bean and corn exports, or else stop the ships that have left harbor and let no new ones in.  China imports lead the rumor mill for wheat, but make no mistake, Russia threatening to withhold wheat from the global market is what is really in play.  Apparently, food inflation in their domestic market is putting pressure on the top.  Wheat up 13 1/4 on the day, 596 1/2.  Beans were strong going into the report but a punt on the numbers gave the bears some rope and we broke to 1152 3/4, off 5 3/4.  Corn basically churned and gave up 2 1/2 to close 421 1/4.  Range trade.  Rice up 3 1/2 on spread roll, lack of sellers for the day, but a bearish report.  1240 close.  Dow churns again, 30010, off 53.  Bonds gain a full point to 173.15.