Kleist Comments

MORNING GRAINS 5/10/13
MORNING GRAINS 5/10/13

MORNING GRAINS 5/10/13

Corn:

Exports: So.Korea buys 70,000t opt/org. (400,00t c/w last 3 days).

Comments: Just about all over with the report out at 11:00; many questions over old crop demand/carry; reduced yields; new crop carry, etc. Weather forecasts allowing some fieldwork/planting progress to come; open interest fell 1,229 led by May/July off 9500 (shortcovering, eh?), volume weak. As before, I don’t bet a report and as such will see if my basic bearish premise is still valid.

SOYBEANS:

Exports: None Visible.

Comments: Bit surprised China did not show up for a last minute sale; Malaysian palm oil exports fall 18% on week; China futures higher on government report of lower import prices to underpin demand; open interest rose 6,830 led by July (up 4303) and Nov. (up 1750) amid light volume. No opinion change, await the report.

Wheat:

Exports: None Visible.

Comments: Mixed situation for eastern Australia that came in dry and now apparently seeing rains hence crop size from under 24mln.m/t’s to over 24mln.m/t’s, even so, one analyst says “too early to be too alarmed ; Russian weather problems not serious yet; open interest fell 3700 led by July/Sept. off 5700, volume moderate. Waiting game.
Will have a recap asap after 11:00.

Kleist Comments

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

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