Kleist Comments

MORNING GRAINS 12/26/13
MORNING GRAINS 12/26/13

Corn:

Exports: None Visible.

Comments: None visible either in what is an extension of the Christmas holiday. I can reach for Argentina’s weather: “hot & very hot” but weekend/next week still seen cooler and wetter possibly. On the charts, March corn very nearby support at the 10/20 day m/a’s $430-1/2 and its mini-uptrend line support at $4.30-1/2. Its major m/a’s have held since end-August at $4.34-3/4 to $4.36-3/4……close over triggers shortcovering. No news on rumored China DDG’s cancellations. No opinion change.

SOYBEANS:

Exports: None Visible.

Comments: Argentina weather (see corn); Asian CPO expects Chinese buying of palm and veg oils increasing for their Lunar New Year needs; open interest fell 3,00 led by Jan. off 6,500 amid very light volume. Jan. beans hanging around its 10/20 day at $13.31-13.33 (talk about minutia!); still in a multi-week trading range. No opinion change.

Wheat:

Exports: None Visible.

Comments: Nothing. World competition keeps us from rallying. And no crop problems anywhere of significance. Open interest up 1,000 spread between H/K/U amid rock-bottom volume. No opinion change.

Kleist Comments

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

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