Kleist Comments

MORNING GRAINS 6/19/13
MORNING GRAINS 6/19/13

MORNING GRAINS 6/19/13

Corn:

Exports: None Visible.

Comments: I wonder of Phase I of weather is over (plantings) and now Phase II kicking in (growing the crop),how much of a weather ā€˜premiumā€™ needed?); FMOC outcome might roil financial markets and spill over to commodities; China weather reported good; open interest fell 1195 led by July off 27,650 (De. Up 17,900), on very strong volume. As mentioned yesterday, action might be an indication the rally is cooling off.

SOYBEANS:

Exports: So. Korea buys 60,000t So. American

Comments: Overall weather showing improving conditions for wrap up plantings and existing crop development; China futures lower on expected increase in imports in June/July and port inventories now up on year; open interest little changed in total even as July falls 9,700, volume good. July bean battle under $15.00 (update: July made a new swing high but cannot KEEP new highs. Squeeze running its course?

Wheat:

Exports: None Visible.

Comments: Taiwan said in for ā€œnon-Oregonā€ wheat tomorrow; Japan looks for ā€˜alternativesā€™ from Oregon wheat tough to substitute (bakery); more Asian reports corn to replace wheat there via price into 4th quarter; open interest little changed in total even as July drops 9,000. No opinion change.

Kleist Comments

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

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