Thursday

Thursday brings good export sales and more China bean sales on daily flash, but WASDE gave a bigger crop in soy and corn.  I would argue that the difference in soy is a rounding error, but beans drop 22 1/4 to 1343 1/2.  We needed a bullish report to extend the rally and didn't get it.    Corn found almost 2 Bu. and acre yield increase and they puffed demand to offset most of the gain.  Corn off 8 cents, 468.  Wheat down 11 1/2 to 580 3/4.  Bond auction didn't go so well and bonds faded a point and 27 tics, 112.31 while the Dow set back 229 points, 33,944.  Financials a bit shaky after a pretty big run.