Kleist Comments

MORNING GRAINS 5/22/14
MORNING GRAINS 5/22/14

Corn:
Exports: None Visible.
Comments: Weekly export ales 503,900t. Open interest little changed in total, volume light. Pre-holiday weekend rally backgrounded by beans.
SOYBEANS:
Exports: None Visible.
Comments: Weekly export sales up sharply on week to 164,400t, same for meal at 186,300t and soyoil 41,300…..Astounding fact of the matter that South American beans not all that competitive for beans nor Argentina for the meal/oil? Old crop beans here merely then trying to corral consumption as other nations seem keen to run us out of supplies. Upside? I have no idea. Open interest up 5,000 on very light volume.
Wheat:
Exports: None Visible.
Comments: Weekly export sales up on week to a still measly 142,200t; Ukraine crop now seen even/over year on good weather. Pre-weekend, soybean rally allowing for a correction. Open interest rose 6,100 amid strong volume but very oversold.

Kleist Comments

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

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