Kleist Comments

MORNING GRAINS 11/26/13
MORNING GRAINS 11/26/13

Corn:

Exports: None Visible.

Comments: Dec. corn drops on a ‘mini’ t/l drop down with nearby support $4.17-4.15 now; holiday markets seem well in hand as volumes decline and with it, volatility goes up; did I mention there was a likely court challenge to the EPA mandate ruling from an Iowa politico?…if he’s republican forget it (easy now, just sarcasm); harvest 95% complete; open interest fell 34,800 amid good volume as Dec. falls 64,700. Well, this is why I opted not to get bullish futures until prices close over my likely bear defense as mentioned. Funds ‘defending’ end of month short positions?

SOYBEANS:

Exports: China cancels 300,000t; Unknown buys 360,000t both 201302014.

Comments: Weird but still a net gain of 60,000t? on export news alluded to above.

New swing highs yesterday and highest since end Sept. on new buying: open interest rose 5,800 led by March up 5,185 amid moderate volume; nearby support $13.21-1/2 to $13.10 (yes, big range but try to pin point it more narrowly: tough job); CPO prices narrow considerably to soyoil; look for a thinned trade as the today, tomorrow wears on; I believe the day after Thanksgiving beans usually rally?.

Wheat:

Exports: None Visible.

Comments: Winter wheat, final crop rating, at 62% gd./excel. vs.33% yr.; Dec. Chgo. mini-breakout under very near term t/l; open interest fell 1300 led by Dec. off 17,100 in light/moderate volume; as before and as with corn I’ll maintain my futures likely bear defense levels.

Kleist Comments

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

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