Kleist Comments

MORNING GRAINS 7/23/14
MORNING GRAINS 7/23/14

Corn: ****AUG. OPTIONS EXPIRE FRIDAY…….
Exports: None Visible.
Comments: New swing lows as an ‘eroding pattern’ remains in place; Doan’s crop tour reportedly saw western Il. yields. sat 193bu./acre and southeast Iowa at +200bu./acre…highest since their yearly tours began; open interest rose 6,900 amid light volume; we need Sept. closes over at least $3.70 to talk decent correction possibility; $3.50 next downside target.

SOYBEANS:
Exports: None Visible.
Comments: Very little fresh news that I can find. November beans hit new swing lows again overnight and then the next objective $10.50? near term; open interest rose 4600 amid light-side volume.

Wheat:
Exports: Egypt in opt/org. unspecified amount.
Comments: The situation in Russia/Ukraine has turned more complicated and let’s just say the matter is far from ended as to blame and more complications overnight. Point being wheat looks for something as an influence but nothing definitive to move the market either way on just that; Wheat Quality Tour started yesterday form HRW, await results; Ukraine harvest under year ago again (but still well ahead overall); open interest rose 5,150 amid moderate volume (of note Sept. up 3140 a bit unusual); Closes over $5.50 needed near term to suggest a correction.

Kleist Comments

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

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