Old beans were in the news today because of the erratic nature. July beans took nearly 4 hours of trading to post gains of 50 cents from yesterday, only to give it all back in just 40 minutes and close up a mere nickel. Old bean basis faded another 25 cents tonight, so if you are keeping a tally of good reasons to let go of your final old bean inventories, #1 has to be prices are still over $15.00, levels not seen since September and #2 has to be the cash market is not keeping up with the futures market. End users have not been willing to keep pace with the futures rally this week.

In other news, wheat export sales this morning exceeded expectations. While the US is the most expensive corn in the world, our wheat is still competitively priced in the export arena. A falling US dollar offered underlying support to commodities. The Chinese Purchasing Managers Index, PMI, came in below expectations today, but private analysts wasted no time in projected solid growth for the Chinese economy of 9-10% over the next year. Even though the Chinese economy is slowing its rate of growth, they are still doing just fine compared to the US economy which might scratch and paw to get to 3-4% growth.

Futures recap for the day July corn up 3 ½ @ $6.62, July beans up 5 ¼ @ $14.995 and, July wheat up 14 ¾ @ 7.03 1/4 cents.