Kleist Comments

MORNING GRAINS 2/03/14
MORNING GRAINS 2/03/14

Corn:

Exports: Sold Unknown 113,780t old crop.

Comments: New swing highs as March corn continues to get export support, Ok and artic cold and slow cash movement, on reported issues political stunt Ukraine and Argentine sales. I remember the ‘old days’ of corn trading in which the price would move in small, non-descript increments until one day one realizes the losses are starting to bite. Shorts must feel that way to a degree. A close over $4.35-1/2 however would turn me neutral. At the same time, a likely bull defense area now clearly defined at the ‘confluence’ of minor/major m/a’ at $4.30-1/2-4.28; open interest fell 5,300 led by March off 14,500 amid moderate volume; C-O-T report: leaned bearish. Major storm moves in again then cold….again.

SOYBEANS:

Exports: Sold Unknown 40,000t soyoil.

Comments: Some talk soybeans are now looking towards the next USDA S/D Monday which could show carryover lowered due to exports running 105% of projections (explains why new range lows held so well?); in South America good rains falls and Brazil port prices keep dropping; open interest rose 3100 led by May up 370 amid light-side volume; C-O-T report: leaned friendly. Trading affair still, ’tilt’ to selling in the $12.90’s still (hope not going to the well once too often); likely bear defense a move/close over $13.00-1/2 to turn neutral.

Wheat:

Exports: None Visible.

Comments: Not much here. Apparent light volume keeps prices hovering around steady; warmer temps. to see snow cover before renewed cold?; open interest fell 2,100 led by March off 3,500 amid moderate volume; C-O-T report: leaned neutral/friendly, Bear defense near term a move/close over $5.70-1/2.

Kleist Comments

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

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