Thursday

Thursday exports good in rice and corn, soft soy.  Open interest gains in this break tells us that the short side funds are getting more comfortable with a long term short position.  Wheat off 21 3/4 to 665 3/4 and cheap global wheat is for now displacing other grain needs.  Corn hit for 14 to 611 1/2.  With decent exports.  Beans off 7 to 1510 3/4 with soft oil.  Rice bear finding this area a lot harder to push thru as I suspect Latin end users are getting some much needed coverage.  1631 1/2, plus 2 1/2.  Dow hit for another 554 points in a tough week for equities, 32,259.  Friday trade will try to shore up the week, but we are in precarious levels.  Cali bank dropped 1.8 billion in a 20 billion long term debt roll.  Not a big bank and not a big roll.  This is why the FED has been so slow to walk back M2.  And M2 is much too high still to find this big of a crack.  Will be an interesting weekend in DC for the money boys..  Bonds up 16 tics, 125.27 and I'm going to guess the Fed is taking in long term debt to save big banks.  Fed doesn't have to ever mark their balance sheet.  We couldn't afford it if they did.