Thursday

Tired trade Thursday with exports delayed until Friday and better SA weather prospects.  Wheat off 8 to 734 1/2 and corn off 4 cents, 677 2/4.  That was with a flash sale to Mexico that I had hoped would provide some extra support.   Beans drop 9 3/4 to 1514 3/4, but the spreads held.  Meal flat price and spreads softened.  Trading tip.  Since you are now looking at options, did you notice that the bean puts really didn't gain much by the close?  The systems are taking vol out of the options market.  When thinking about selling a weak close, I generally look to the late options trade to see if the systems are nervous about a bigger move, or can I wait and maybe get a better bounce futures sale the next day.   Dow off 247 points, 33,139, and bonds off 10 tics, 131.24.