Kleist Comments

MORNING GRAINS 3/25/14
MORNING GRAINS 3/25/14

Corn:

Exports: None Visible.

Comments: Now the talk is that Ukraine corn acreage plantings at risk? OK. April/May the usual time frame. USDA report Monday might have the ‘surprise’ not in acres but in quarterly stocks as I believe feed was overstated, acreage estimates surround the 92mln. area; open interest rose 9,400 spread mainly between the N/U/Z contracts amid moderate/light volume….funds again ‘have their way’ with the delicate volume? May corn approaching its 11-days highs at $4.93-1/4.

SOYBEANS:

Exports: None Visible.

Comments: Ukraine soybean plantings look not to get done!; in the who cares ? dept. more talk of Brazilian soybeans discretely moving into the U.S. (likely in submarines to disguise it) as the price gap keeps widening; USDA plantings seen roughly at avg. of 83mln. record acres but we are not trading that, yet; open interest FELL 3,800 led by May off 5,150 amid light volume. Doesn’t matter what one buys or sells lately as long as timing is right.

Wheat:

Exports: None Visible.
Comments: It’s never too early as even though Ukraine plantings possibly at risk as it gets underway in May; Ukraine AG Min. says exports to date up 41% on year “despite unrest”; U.S. southwest drought is meaningful but a bit overplayed maybe as prices good for the hedgers but likely bad for the exports; I say a large part of the rally is big day players considering open interest and volume. Might get expensive to defend short positions but a new high the likely bear defense near term if one ventures out.

Kleist Comments

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

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