Kleist Comments

MORNING GRAINS 1/29/14
MORNING GRAINS 1/29/14

Corn:

Exports: None Visible.

Comments: Not much fresh news here early. Support said still from arctic cold though set to subside, and of course a better reason would be due to export demand which has been more supportive. But will it last? March corn has now spent 4-days over its m/a’s but open interest suggests there is no real bull-buying movement afoot. As such, no opinion change. Open interest little changed though some apparent rolling between March and May evident, volume light/moderate.

SOYBEANS:

Exports: None Visible.

Comments: South America weather put to bed? Seems so. As such, Brazil starts loading out beans to China I understand. Yesterday the soymeal market ‘saved’ the beans so to speak but meal like the corn cannot live by cold weather alone. Open interest rose 4,800 a bit of a surprise but indicates new sellers a bit more confident stepping into the bear waters. Volume was light side however. Charts might be forming a ‘mini head & shoulders’ formation. No opinion change.
Bear defense now a move/close over $13.03 March.

Wheat:

Exports: None Visible.

Comments: Certainly seems recent global export demand not a necessarily a bullish thing. I wonder how many times bottom-pickers can go to the well off the $5.60 area March? With nothing really new here, and winter wheat potential weather damage seemingly a non-event, I have my doubts. I will lower my likely BEAR defense a close over $5.78-1/2 (how generous). Open interest rose 1,100 even as March drops 2560 amid moderate volume.

Kleist Comments

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

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