Kleist Comments

MORNING GRAINS 1/21/14
MORNING GRAINS 1/21/14

Corn:

Exports: None Visible.

Comments: South America crops seen “generally improving” with rains and forecast rains even as some areas not perfect. China December corn imports rose 209% to …….820,968t (no US listed) with Jan./Dec. down 37.3% on year; Indonesia seen importing 150,000t either U.S. or India; Russia reports record large December maize exports; Open interest rose 3,100 amid light volume. Now……the C-O-T report: decidedly was bearish; was it the reason the rally failed or portends more downside? Overnight trade puts ‘key reversal’ in danger.

SOYBEANS:

Exports: None Visible.

Comments: South America generally OK from my readings; Indian beans Ok into harvesting; China Dec. soybean imports 7.4mln.m/t’s up 26% (Jan./Dec. up 8.5%); China says will stop stockpiling soybeans but not corn and wheat; China Lunar New Year starts Jan.; open interest rose 5500 between mainly H/N/X amid light volume; C-O-T report: leaned strongly negative; March beans nearby support $12.97-12.88-1/2 basis overnight trade.

Wheat:

Exports: Japan buys 50,000t Canada?

Comments: Question mark because cannot confirm; Egypt’s AG Minister says supply OK until 1st week of May; China winter wheat OK; Australia OK for harvesting; China Dec./Jan. imports up 49% on year; open interest rose 2,300 amid light volume; C-O-T report: leaned negative. Like the corn, prices dancing over contract lows. Would like to see something bullish come around. Anywhere.

Kleist Comments

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

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