Kleist Comments

MORNING GRAINS 6/24/13
MORNING GRAINS 6/24/13

MORNING GRAINS 6/24/13
GO BLACK HAWKS,

Corn:

Exports: None Visible.

Comments: Hot and dry? NO….very warm and periodic significant rains across a large swath of the country seems near ideal? Yes, some flooded areas but the good outweighs the bad…so far; today’s crop ratings seen improving overall; USDA major report Friday, all look for a decrease in acreage but how much the wild card (by the way, the June report in the past has produced limits either way); open interest fell 7900 led by July off 12,300 (just revised to dn. 21,700 with July off 39,000…bit large revision, eh?) amid moderate volume; C-O-T report: neutral; since Wed. to the overnight, July corn falls +30 cents high to low, nearby key support? Last week’s low of $6.51-1/2.

SOYBEANS:

Exports:

Comments: China economic trouble: will soybeans be bullet proof Part II: Chins stock market said in a ‘free fall’ amid severe liquidity conditions; economist says “domestic credit squeeze”; no government action so far; China futures lower but calls soybeans “stable” (bullet proof?); USDA report Friday; open interest fell 30,900 led by July at off 36,700 (where’s the squeeze in that?), volume light-side; C-O-T report: leans friendly this time; new CBOT policy? Missed the squeeze? July nearing extreme range lows at $14.80-14.71; Nov. serious support $12.49-1/2-14.20.

Wheat:

Exports: None Visible.

Comments: Fresh news: None Visible………………..Open interest falls 14,900 led by July off 18,100 amid good volume; C-O-T report: leaned friendly; Russian Ag Minister says spring plantings completed, less wheat and more corn/barley noted. July wheat still in a choppy trading affair and very much still corn-dependent. No opinion change.

Kleist Comments

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

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