Thursday

Thursday exports a bit soft other than a stellar rice number.  Margin clerks hard at work blowing out any late longs in front of March delivery had a negative effect on the grains.  Doesn't help that the charts have gotten a bit softer, and the Trump tariffs are closer to taking effect.  I think a bunch of us are hopeful that the tariff details get sorted out over the weekend.  March corn hit for 13 1/2 cents, 464 1/2.  Wheat down 19 1/4 to 546 3/4. Beans firmer most of the day but close off 1 3/4 cents, 1022 3/4.  Rice March open interest still near 1000 and I don't expect deliveries at these prices, 1328, plus 6.  We will shift to May moving forward in the grains.  Dow strong out of the box but leaked all day and closed off 209 points, 43,297 while bonds slipped 18 tics, 117.23.