Kleist Comments

MORNING GRAINS 10/28/13
MORNING GRAINS 10/28/13

Corn:

Exports: Sold Unknown 130,600t.

Comments: Pressure coming in over the weekend on no specific fresh news but in response to the soybean/soymeal losses, some ‘pushed’ harvesting ahead of rains and technical selling; test of $4.32 area double low? Reportedly the USDA will update or ‘catch-up’ on weekly export sales on Thursday. No feel on this action this morning. Tough being friendly though. Harvest 45-55%?

SOYBEANS:

Exports: Sold China 115,000t; Sol Unknown 115,000t soybeans.

Comments: Curious blow out to start the week but some talk heavy weekend and next three day’s harvest pressure ahead of heavy rains putting pressure on hedges and cash prices; harvest seen perhaps 75-85% complete. C-O-T report as of October 1st was decidedly bullish but 3 week’s ago…..CFTC says will catch up on November 8th?; here’s a clue with 1st notice day coming up quickly and more supplies around: open interest fell 21,900 led by November off 36,200 amid decent volume.

Wheat:

Exports: Egypt in unspecified.

Comments: Most of the pressure certainly seems spill over related to the corn, bean losses; granted nothing overtly new bullish here but still…..; open interest fell 9,400 led by December off 8300 amid moderate/light volume. No fresh opinion here.

Kleist Comments

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

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