Kleist Comments

CLOSING AGS 10/9/13
CLOSING AGS 10/9/13

LIVESTOCK

Cattle: Nervousness? Yes as South Korea bans some U.S. beef. Now if contained to that 22ton, Swift Meats division of JBL the fever should pass rather quickly; if not we could loses a chunk of sales on the weekly export report.

Hogs: Strong losses posted on a combination of talk of a seasonal top; on technical selling as prices fell through support areas; on spillover from the cattle and South Korea (hogs have there own growth drug that China rejects).

GRAINS & OILSEEDS:

Corn: Soybeans: Mixed bag with beans under general, light pressure as harvest resumes and as cash sales perk back up while corn held firmly on reported ethanol demand strengthening after a serious draw-down (18%) in stocks on the last EIA report. Both corn and beans seem a bit disappointed there are no “visible” export sales announced lately (*not sure all the USDA’S fault); for wheat, some independence lost as Ukraine planting weather seemingly improved but also as mentioned (for winter wheat), Ukraine’s current harvest up 14% and a large crop expected there and in Russia.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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