Kleist Comments

MORNING GRAINS 7/10/13
MORNING GRAINS 7/10/13

Corn:

Exports: So. Korea buys 120,000t Brazil; Japan in 120,000t feed wheat and 200,000t feed barley. *******Sold China 120,000t new crop U.S.

Comments: I am disappointed that so far this crop year I have not been able to use the “dome of doom” weather threat, and really not even the ‘hot and dry’ one…so let’s say warmer and drier but enough that pre-report we rally. China buying some pre-report new corn as well? Open interest fell 4,800 led by N/Z off 8500 amid moderate volume. USDA tomorrow. No opinion change from yesterday.

SOYBEANS:

Exports: None Visible.

Comments: China trade balances caused nervousness in some financial bourses but it’s just weakness in the economy that has dribbled out for a while now; due to Brazil’s port congestion clearing up, China reports June soybean imports rose to record high of 6.93mln.m/t’s up 23% on year (Jan./June totals still off 5.4%); Asian CPO futures lower as 2 yr. low in palm oil stocks meets weak export demand and coming higher production; open interest fell 2311, volume moderate. Like the corn, will hold to upside targets and then look to the reports tomorrow.

Wheat:

Exports: None Visible.

Comments: French Ag Minister sees soft wheat production up 4.8% on year at 35.6mln.m/t’s; open interest fell 7,000 led by U/Z amid strong volume; not much else new around. No opinion change from yesterday.

Kleist Comments

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

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