Kleist Comments

MORNING GRAINS 10/7/13
MORNING GRAINS 10/7/13

Corn:

Exports: None Visible.

Comments: Weather to clear up and allow resumed harvesting?; Asia sees lower, but not sharply lower, global grain prices off ongoing harvests; NO C-O-T reports; open interest little changed in total even as December drops 3,160, volume very light. While I look for a close back over $4.50 as encouraging

the “breakout” was under $4.48 where funds started shorting in earnest.

SOYBEANS:

Exports: None Visible.

Comments: Back to the fields? Weather moderating but even so, November poppped to $13.05? China’s holiday ending; soyoil deliveries 758; India’s big crop translating into a harvest where their soymeal prices are below U.S. and South America. Otherwise, no opinion changes as yet.

Wheat:

Exports: None Visible.

Comments: Some added support from further Argentine crop problems and means more Brazil business for us? Upside slightly limited by harvests in Black Sea/Aust./U.S.; China no major concerns; open interest little changed in total amid moderate volume. Pressure from Friday gone already? Well, let’s see if $7.00 still viable in December Chgo.?

Kleist Comments

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

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