Kleist Comments

MORNING GRAINS 3/27/14
MORNING GRAINS 3/27/14

Corn:

Exports: None Visible.

Comments: Weekly export sales rose 89% to 1.41mln.m/t’s led by Egypt at 451,100t, China cancels 9,500t. Obvious reason corn prices have not been able to break very hard, eh? I appreciate the reason (not bearish!) though it could be importers ‘just in case’ ahead of a major USDA REPORT; shipments 1.230mln. up 33% as well. USDA Attache’ says Brazilian crop 72mln. vs. last USDA of 70mln.; open interest fell 4,200 amid light volume. Any new speculative ideas needs to await the report Monday.

SOYBEANS:

Exports: None Visible.

Comments: Weekly export sales old crop 11,900t, of note Unknown cancels 170,000t; soymeal off 35% to 158,500t (whoopy) and soyoil rose 94%!!!!!….to 4,200t (why bother?).

The plot thickens Part II? One across my desk there’s some chatter that now China did NOT cancel as much as has been bantered around. A good excuse as any considering the market is holding like a brick wall….but don’t be lulled to sleep on it either. Let’s whipe the slate clear and begin anew after the USDA report Monday. Open interest rose 3900 led by July (somebody is betting the report) amid light volume.

Wheat:

Exports: None Visible.

Comments: Weekly export sales about unchanged at 400,500t, of note Unknown cancels 97,000t.

Open interest fell 1,670 amid moderate volume. I have the same thoughts about that $7.00 area vis-à-vis exports but let’s be aside new positions until after the reports.

Kleist Comments

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

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