Kleist Comments

MORNING GRAINS 12/9/13
MORNING GRAINS 12/9/13

Corn:

Exports: None Visible.

Comments: USDA tomorrow seen friendly (trade estimates 1.86bln.bu. vs. last USDA 1.887bln.); extended cold snap likely to increase feed usage; open interest little changed in total, of note March off 4,000, on light volume. Light volume again ahead of the report? Close over $4.40 to stabilize the break. Not much news around pre-report so far.

SOYBEANS:

Exports: Sold China 230,000t old crop, 60,000t new crop.

Comments: Thanks, China. Some trade talk China about to top-out in U.S. purchases however though that’s ‘iffy’..they need bookings still whether they eventually cancel or not; South America gets rains over the weekend, crops in good shape overall. USDA report estimates carry at 159mln.bu. vs. last 170mln.bu. might be behind today’s rally; open interest rose 5,000 even as Jan. fell 9,200 amid light to moderate volume. High end of 11-day range $13.46, low end $13.09-1/4. As usual, no future’s bets on the report (gambling problem? dial 1-800-bet-on-it).

Wheat:

Exports: None Visible.

Comments: Deliveries None (Friday’s commercial stopped); Kc. 5; snow/bitter cold in winter wheat not expected to damage but will tell its tale in spring?; open interest fell 2,000 led by March off 3,400 amid fairly light volume. Still need March to close over $6.63 to stabilize the break.

Kleist Comments

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

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