Kleist Comments

MORNING GRAINS 4/21/14
MORNING GRAINS 4/21/14

Corn:
Exports: None Visible.
Comments: Weekend plantings or express fieldwork note over the weekend; today’s planting progress report estimates 13-15% vs. 18% avg.; China March corn imports off 79.7% to 48,131t, total Jan.-Mch. up 15% to 1.178ln. (U.S. share: march 11,900t dn. 95%, total 860,000t off 16.13%-ed.note: not sure if cancellations are data’d in); open interest rose 3,100 amid good rolling from May to the July, volume moderate; C-O-T report: leaned neutral (explains sideways action?). We’ll leave a close over the $5.07-1/2 area as a likely bear defense.
SOYBEANS:
Exports: None Visible.
Comments: Plot thickens on China? Heard that more ships unable to unload in China ports as more letters of credit denied the crushers…will they be left to hang around the port?; China cotton imports Jan-March off 44.3%; soyoil imports up 26.4% (In March, all U.S.) but palm oil dn. 23.5% (that seems just competitive buying); March soybean imports 4.6mln. up 20.5%, Jan.-March 13.7mln. up 29.5% yr. (again, cancellations included?); open interest little changed with decent rolling from May to the July, volume moderate; C-O-T report: leaned negative. As mentioned, any probes of the short-side will be done in the options for now. New highs last Thursday indicates the final short has yet to be squeezed.

Wheat:
Exports: None Visible.
Comments: No apparent weather problems over the weekend looking at the overnight trade; China March imports up 86.4% to….587,950t (U.S. share-82,200t/Australia 326,000t); C-O-T report: slightly friendly. Trading affair seems appropriate still but my ’tilt’ is clear.
And finally: in my readings I discovered the REAL reason for the Crimea take over and it’s not wheat nor military nor Black Sea ports but….Putin wants to declare the Crimea as a “legal gambling zone”. He might be a god-less communist but he knows his capitalism!

Kleist Comments

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

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