Kleist Comments

MORNING GRAINS 2/12/14
MORNING GRAINS 2/12/14

Corn:

Exports: None Visible.

Comments: USDA’s next ‘major’ reports: next week the “outlook forum” and March 31st the plantings intentions. More “disinformation” ? Brazil’s CONAB sees the crop at 74.47mln.m/t’s about 5.0mln. over the last USDA. Maybe the USDA was conservative. Open interest up 2,200 with big apparent rolling out of March into May amid heavy volume. I remain negative.

SOYBEANS:

Exports: Sold China 240,000t new crop, cancels 272,000t old crop.

Comments: Glass half full or half empty? I see half empty and futures reacting to the news over China after just the opposite reaction yesterday. The big battle continues as open interest rises another 6,900 even as March falls 15,000 amid heavy volume (big volume also in meal and oil). No opinion change.

Wheat:

Exports: None Visible.

Comments: No opinion change. No fresh news I can see. Open interest little changed even s March falls 23,200 amid record or near record volume.

Kleist Comments

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

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