Kleist Comments

MORNING GRAINS 6/14/14
MORNING GRAINS 6/14/14

Corn:
Exports: None Visible.
Comments: Both a major radio station business update and a wire service sorry said the same thing: ‘corn’s higher overnight…as traders…do not believe weather can stay this good’! Well….OK. Weather this week, this area in midwest basically hot & humid with scattered rains. Ratings still seen unchanged to nudging up a bit from 75% last week; open interest N/A at 7:45; C-O-T report: leans bullishly as commercials clearly taking back ownership from funds, July new swing lows at $4.39-1/2 might be it with USDA reports out later month?

SOYBEANS:
Exports: None Visible.
Comments: Another choppy session shaping up both flat price and on spreads. At 11:00am, the May NOPA crush to be released and as the case lately it takes on biblical proportions as to domestic demand; report out of China says a couple banks allowed to ‘loosen’ up on lending, a bit positive for beans; C-O-T report: I’ll put a slight bullish nod to it as funds added shorts (non-index) but might be why are bouncing already; likely selling in the August $13.90-14.10 (yeah I know, a large range); I expect the Quarterly stocks report will get bullish whispers and with a potential good NOPA report perhaps no major downside selling will occur. November beans still have a head & shoulders shaping up. New week and a new world, let us see what we can see when the smoke clears.

Wheat:
Exports: None Visible.
Comments: Paris wheat rallied on concern over the U.S. harvest; Ukraine exports continue to ‘outpace’ year ago levels; Australia: apparently farmers are holding both old and new crop wheat sales due to the talk about a El Nino later year (doesn’t seem rational but if it helps U.S. sales I am OK with it!); C-O-T report: leaned strongly bullishly on a significant change of ownership to commercials; swing low at $5.83-1/2 for the JULY not sacrosanct but perhaps there to $5.75 or so might contain the break ahead of the reports. Limited % call.

Kleist Comments

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

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