Thursday

Exports Thursday good for the grains, soft in rice.   Wheat tested new lows and closed off 3 3/4 cents, 503 1/2.  Corn fared better and got a penny better on the day by the close, supported by solid business and multiple players really questioning the possibility of the WASDE corn yield.  A central Illionois ground tour yielded less than last year by a measurable amount.  I was previously involved in Beta testing of one of the satellite systems and was unimpressed, so count me in the sceptics group.  Beans off 16 1/2 to 1007 1/2, but that is more of a catch your breath move for now after a solid runup.  Rice off 1/2 cent, 1278 as most of the volume is focused on the fund roll.  Dow in a churn trade trying to digest this big recent runup, 44,997, off 28 points and bonds give back all Wednesday rally, 114.21, minus 27 tics.  I would remind you the Fed can cut rates in September and help us with short term debt expenses while 30 yr paper doesn't have to move nearly as much, its just an adjustment in the yield curve.  That would be a good thing.