Kleist Comments

MORNING GRAINS 7/22/14
MORNING GRAINS 7/22/14

Corn:
Exports: None Visible.
Comments: Crop ratings unchanged at 72% gd./excel.; weather unchanged as just good to very good, though some northern areas need continuing rain; putting new crop sales in perspective: totals as of early July seen at 64% of a year ago…possibly meaning importers looking for even lower prices; and why not? with some talk yields could well surmount 175bu/acre; open interest rose 8,500 amid moderate volume. Overnight double low at $3.63 of dubious help if looking for a low. For now anyway.

SOYBEANS:
Exports: Sold Unknown 20,000t soyoil; Sold Unknown 225,000t soymeal; Sold Vietnam 180,000t soymeal….all new crop.
Comments: While looking aggressive, new crop export sales from early July still running about steady with year ago, not sure of the soymeal though; Ramadan holiday next Mon./Tues.; crop ratings rose 1% to 73% gd./excel.; open interest little changed amid light-side volume. November beans seem to like the $10.65 area and as such, a possible magnet for bottom pickers. August beans strong on previous old crop sales but at least seems to be helping the back months stabilize at least. Except oversold, nothing seems overtly bullish here.

Wheat:
Exports: None Visible.
Comments: Spring wheat 75% gd./exel.unchanged; winter wheat harvest 70% complete, in line with 5-yr. avg.; open interest rose 1300 amid light volume. Wheat still trying to draw out a bottom but previous tries failed.

Kleist Comments

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

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