Kleist Comments

MORNING GRAINS 10/31/13
MORNING GRAINS 10/31/13

Corn:

Exports: So.Korea buys 55,000t, and 174,000t U.S.; Sold Japan 123,000t.

Comments: Weekly export sales for Oct. 10th,17th and 24th at 4.5mln.m/t’s, highlighted by Mexico at 1.7mln., Japan 862,000t, China 777,000t and Unknown 434,000t…………..3-week avg. 1.5mln. ain’t bad; C-O-T report for Oct. 15th was neutral; WGN radio reports yields of up to 300bu./acre from parts of Il. and Ind….ouch for the bulls but explains why rallies have failed (high production as mentioned was obvious); rains today clearing up into weekend; open interest little changed, moderate individual month changes, but volume was fairly good.

SOYBEANS:

Exports: None Visible.

Comments: Weekly export sales 4.7mln.m/t’s with a variety of buyers, 3-week avg. 1.56mln. seems good; no deliveries a surprise; Asian CPO at 12-month highs on Malaysian wet weather; Argentina reports needs rain but forecasts see big storms later week; open interest fell 12,800 led by November off 20,900 amid moderate volume; back to $13.00 seems a victory if friendly. C-O-T report: was slightly friendly.

Wheat:

Exports: None Visible.

Comments: Weekly export sales 1.308mln.m/t’s or 3-week avg. or 458,000t and suggests a reason why prices have sagged, along with India’s woes; C-O-T report: neutral; open interest rose 3,100 amid moderate/light volume; $6.68-1/2 (broad) range low in jeopardy.

Livestock note:

Kleist Comments

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

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