Kleist Comments

MORNING GRAINS 11/27/13
MORNING GRAINS 11/27/13

Corn:

Exports: None Visible.

Comments: Floor bounce led by soybeans/meal; 1st notice day Friday and open interest falls 28,500 led by Dec. off 53,000 amid strong volume; Dec. held nearby support yesterday at $4.17-4.15 a positive; typically a lack of news pre-holiday.

SOYBEANS:

Exports: Sold Unknown 180,000t 2013/2014; Sold Unknown 55,000t 2014-2015.

Comments: Export sales ruling the roost and like in Brazil, buyers here now reaching from next year’s crop as well; weather in South America and India still good for their crops; 1st notice day Dec. meal/oil; China says there will be market reforms, seen heading country towards a more market oriented economy; China futures quiet beans, meal higher but soy/palm oils down hard; as an aside there’s some political tension between the U.S. and them over disputed islands that Japan claims (U.S. fly over against China’s ‘new rules'; open interest rose 9,400 led by F/H/X amid good volume (positive technical sign). Are we back to looking to fill that mid-Sept. gap at $13.74-13.78-1/2? Nearby support held yesterday, for now a close back under $13.09 a likely bull warning flag. Day after Thanksgiving rally thinking also helping?

Wheat:

Exports: None Visible.

Comments: Dead. No fresh news I can find; that nonsense of wheat pressured yesterday by the crop ratings disappeared today? Open interest fell 2,700 led by Dec. off 18,000 (1st notice day Friday) amid good volume. Wheat had a hard fall yesterday but uncovered no new ground on the charts.

Kleist Comments

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

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