Pretty solid exports in soy complex and rice Thursday morning, and CONAB brought out the big guns slashing Brazil soy production to 125. Bulls couldn't ask for anything more, and responded with a soy run to 1633, then a break down to 1574 1/4 close, off 20 1/2. Ouch! Added 12K of new suckers to the game as well. Rice couldn't get anything going early and seller pushed down another 29 cents, 1479 1/2. Corn closed 20 off the early highs, and a nickel lower on the day, 641 3/4. Wheat back to the bottom of the loosely defined box, 771 1/2, minus 13 1/2. That's 30 off the highs as well as we trade the round trip of the box in a day. Someone is going to have to explain to me how the Asian feedlot is going to feed $16 soy over $7.70 wheat, and yet every time wheat sees 8 bucks, it runs with its tail behind its legs. Dow off 502 points, 35,139, but bonds off a point and 20 tics is what catches the eye. 151.21. Looks like the fed is going to raise 1/2 point instead of 1/4 in March, and China won't like that a bit.
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