Thursday

Thursday trade show china is playing, and playing in places they haven't for a while, like solid numbers of corn and wheat.  Funds have discovered they can use the GFS weather reports daily to churn the markets, so get use to it and expect it.  Corn up 4 with China buying the main story to me, 330 1/4.  Beans gain 7 1/2 to 888 1/4 and again China stories and real demand the reason.  River basis is solid and climbing.  Wheat drops 15 1/2 to 535 1/4 as the weak leg and a weak contract.  A couple hundred Sept rice puts traded quietly as the purposely designed lack of transparency allows someone to get a million bushels of crop covered invisibly.  Rice futures break 20 to 1179.  Yo-Yo financials and bonds get back a half a point, 16 tics, 180.07 and Dow drops 212 points to 26,553.