Kleist Comments

MORNING GRAINS 6/28/13

MORNING GRAINS 6/28/13

Corn:

Exports: So. Korea buys 124,000t opt/org.

Comments: USDA at 11:00 a.m.; deliveries 0; open interest fell 22,100 led by July off 27,800 amid goo volume; it had to happen dept.: talk of lowering “growing degree days” accumulation. No opinion change, await reports.

SOYBEANS:

Exports: None Visible.

Comments: Deliveries 0; meal 0; soyoil 9 (bet Monday they’ll be in the 000’s); China futures marginally higher tracking CBOT; open interest fell 11,500 led by July off 16,000 amid moderate volume; no fresh news around; no opinion change; await reports.

Wheat:

Exports: None Visible.

Comments: Deliveries 2 (bit of a low surprise, will wait for Monday’s data); Argentine farmer strike over BUT government halts exports on “soaring” domestic flour prices, Brazil needs to scramble to other sources apparently; North Dakota reports rains losing acreage; Ukraine 2013-2014 exports seen at up 37% to 7.2mln.m/t’s (note: Ukraine, Russia and others will all likely have higher exports but is ‘old news’ to a degree); open interest fell 4,200 led by July off 10,400 amid good volume. No opinion change.

Kleist Comments

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

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