Kleist Comments

MORNING GRAINS 11/12/13
MORNING GRAINS 11/12/13

Corn:

Exports: None Visible.

Comments: My bit of a “fudge” calling for a key reversal when technically it is not precisely so might come home to haunt me; if not for the huge volume (mostly) and then large increase in open interest I would not have argued with a contract low from 3-1/2 years ago. Well, I’ll play the hand I dealt….even in the face of a possible bearish EPA ruling expected this week. Open interest fell 13,200 led by Dec. off 45,400 amid still heavy volume; move/close under yesterday’s low at $4.27-1/2 an important bull warning flag. Harvest progress this afternoon. Just a thought: funds very active in corn again yesterday, perhaps they’ll turn elsewhere.

SOYBEANS:

Exports: Sold China 116,000t soybeans; Sold Unknown 35,000t soyoil.

Comments: Deliveries 29. South America seeing almost “ideal” conditions?, but a long way to go or better said ‘miles to go before I sleep’. Open interest little changed in total seen as F/H falls 2200 combined amid moderate/light volume. January right back into its resistance range near term at $12.99-13.11. I remain friendly in here.

Wheat:

Exports: None Visible.

Comments: Wheat do record volume yesterday? Open interest rose 7,540 on volume of 190,000 contracts. And only 3 cents or so lower? Seems taking the funds selling artillery fairly well. I’ll not jump into the brink here until corn reveals itself better but prices are holding above summer/early falls lows still. USDA crop condition/progress reports this afternoon.

Kleist Comments

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

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