Kleist Comments

MORNING GRAINS 12/31/13
MORNING GRAINS 12/31/13

************HAPPY NEW YEAR TO YOU ALL!!!!!……………………………..

Corn:

Exports: None Visible.

Comments: South American weather: Argentine rains now “iffy”? Does it matter? Any other news? Not really, ’tis New Year’s Eve. Open interest rose 3,500 amid very light volume. March corn still showing the ability to hold the $4.20 area but its real test might be in the New Year.

SOYBEANS:

Exports: None Visible.

Comments: Argentina’s Cereals Exchange sees the crop at 55mln.m/t’s (vs. 48.3mln. yr.); Argentine rains now a bit more “iffy”?; Brazil northern areas seeing early harvest on early planted, no yields as yet; NO bean deliveries (non expected), 1 meal and 1447 soyoil; open interest fell 10,400 led by Jan. off 15,400 amid moderate/light volume. On the charts, March beans fell out of their uptrend channel is worrisome, month of March when South America hits the fan on harvest. My equivalent of January’s $13.09 range defense area for the March at under $12.95-3/4, basically meaning the long side tilt for the trading range is neutralized.

Wheat:

Exports: None Visible.

Comments: That’s why I call it a ‘sentimental favorite’: $6.00′s was breached. Not much around: Ukraine’s exports to date up 30% on year old news really; no major weather issues around the globe. Open interest rose 1,900 led by March up 1,100 amid bottom-feeding volume.

++++no closing comments unless needed………………….

Kleist Comments

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

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