Kleist Comments

MORNING GRAINS 1/23/14
MORNING GRAINS 1/23/14

Corn:

Exports: None Visible.

Comments: Weekly export sales tomorrow; arctic cold to extend another week (forecast here is -5 as a high Monday); trade talk China’s GMO ban backing up DDGs?; open interest little changed in total even as March falls 11,800 amid moderate volume. Prices keep inching up on relatively light volume and open interest increases. Near term significant area for me remains $4.35-1/2.

SOYBEANS:

Exports: None Visible.

Comments: Heard Brazil to start harvesting early planted beans this weekend and their prices $1.00 under U.S. at gulf; no further word on any China cancellations; open interest fell 11,400 led by March off 10,500 amid moderate volume. Soymeal, like the corn, seems to getting extra help on domestic demand from this extended arctic cold. Close over $13.02 might extend the rally. Treating as a trading affair, albeit with a negative bias in the $12.90′s for trading turns.

Wheat:

Exports: None Visible.

Comments: Well. Weather premium? Apparently, some areas of the Midwest ‘exposed’ in this arctic cold; part of the rally also likely due to the corn and extremely oversold technical conditions; if bottoming, like the corn we’ll give it some time to confirm; open interest rose 4,000 led by March/May amid light volume.

Kleist Comments

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

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