Kleist Comments

MORNING GRAINS 5/03/13
MORNING GRAINS 5/03/13

MORNING GRAINS 5/03/13

Corn:

Exports: None Visible.

Comments: Brazil goes to China next week for a state visit, one major agenda to get China to open its country to corn imports; weather forecasts still not conclusive, and unless they come out dry before the close the uncertainty likely supportive; once again open interest dropped, this time by only 4,100 led by May/July off 6800, volume light.

SOYBEANS:

Exports: None Visible.

Comments: With all the talk of the May squeeze, that major ‘reversal’ still looms large and is telling (to me anyway); rumors Argentina was loading boats with beans for the U.S. said for China according to a wire report; China futures higher on ‘bargain hunting’ and tighter nearby supplies (but the ships are coming!); open interest rose 1,330 led by November up 2,479 (calm down, not likely funds) amid light volume.

Wheat:

Exports: None Visible.

Comments: Crop tour reports better than expected yields in southeast Ks.; India’s government says total grain production at 255.36mln.m/t’s down marginally on year; U.S. Midwest SRW conditions called favorable; and the ANZ banking group recommends buying July KC./selling Dec. CBOT due to the weather; open interest little changed amid light volume.

Kleist Comments

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

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