Kleist Comments

MORNING GRAINS 04/24/13

MORNING GRAINS 04/24/13

Corn:

Exports: So.Korea buys 55,000t opt/org.; Japan buys 89,700t feed wheat/barley.

Comments: Brazil’s tax cut on ethanol seen boosting sugar industry and lowering ethanol export prices; So.Korea’s corn buy above said at the lowest price in 10-months; open interest fell 7,000 led by May off 16,200 amid moderate volume; except for a modest planting delay put options rec, no overall opinion change

SOYBEANS:

Exports: Sold Unknown 116,000t

Comments: Only name it when necessary dept.: China futures lower as Brazil ports unglue and traders expects heavy May imports of 6.0mln. with June/July at 5.0mln.m/t’s each…this was not expected?, for soymeal “huge” imports to pressure prices; Oil World reportedly sees Ukraine’s oilseed crop record large; open interest rose 3,300 even as May drops 13,850 (still the bear-squeeze here allows light fund buying in back months), volume moderate; StatsCanada rapeseed…I mean canola acreage est. at 19.133mln. vs. 21.5mln. year.

Those that MUST get out of the May contract by next week, such as shorts overstaying their welcome, is running its course. No opinion change.

Wheat:

Exports: Japan in 95,621t opt/org.

Comments: E.U. futures lower on U.S. weather and Black Sea resurrection; open interest little changed in total amid moderate volume; StateCanada all-wheat plantings at 26.7mln. vs. 23.8mln. yr. and vs. est’s of 23-25mln.; no opinion change.

Kleist Comments

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

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