Kleist Comments

MORNING GRAINS 7/18/14
MORNING GRAINS 7/18/14

Corn:
Exports: None Visible.
Comments: Very quiet news here, I suspect most markets are watching their T.V.’s over what could be an “act of war” rather than a “terrorist act” (my take, showing my age). Otherwise, a heat-dome of sorts set to appear next week with temps in the 90’s…..mid-July in the Midwest, what a concept! None of the forecasts I saw indicate ‘excessive heat’ just summer stuff. Hey, I am all for a weather rally but all we may get today is pre-weekend support. Argentina’s Ag Min. put crop at 33mln.. vs. 32.1mln. in June. Open interest rose 5800 amid strong volume.

SOYBEANS:
Exports: Sold Unknown 464,000t new crop; Sold China 116,000t opt/org. new crop.
Comments: Well, the world’s largest soybean importer seems to like these prices after heavy weekly purchases. So far giving some underlying support to the futures but not likely enough to get a good sustainable rally out of it. If the heat next week turns excessive, maybe. Argentina’s Ag Min. sees crop 53mln. vs. 54mln. est. June; Rosario port hit with work stoppage tying up shipping; open interest rose 5,400 amid moderate volume. Just a consolidation should continue ahead of the weekend?

Wheat:
Exports: None Visible.
Comments: Wheat needed a breather from its spiraling declines and the Ukraine situation seemed to provide it as open interest falls 2500 in the Sept. (total little changed and spread widely across the back months) amid strong volume. Like the corn and beans I opt for a consolidation trade remaining here and take a fresh look at it Monday.

Kleist Comments

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

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