Kleist Comments

MORNING GRAINS 7/26/13
MORNING GRAINS 7/26/13

Corn:

Exports: So. Korea buys 60,000t feed wheat, 60,000t corn Black Sea. Sold Unknown 8,128t old crop and 203,200t new crop.

Comments: Last 9 days So.Korea bought 705,000t corn and wheat; August options expire today; open interest rose 1900 amid moderate volume; Chicago could see record LOW temps. tonight? (54 degrees); looks like a possible consolidation type trade today; ‘meaningful’ resistance $4.83-4.89.

SOYBEANS:

Exports: Sold China 220,000t new crop.

Comments: Looking at an August bar chart, I wonder if some official didn’t whisper in some of the longs ears to cool it Monday or Tuesday, top to bottom break just 10-cent shy of a $2.00 break in just 4 days; China weather reports suggests rains in ‘key areas’ very favorable; India’s soybean plantings to rise 15% due to favorable rains; open interest fell 13,3670 led by November off 10,560 amid moderate/good volume; nearby resistance Nov. $12.30-12.40.

Wheat:

Exports: None Visible.

Comments: North Dakota crop tour wrap up: 44.9bu./acre, steady with last year though above the 3-year average of 43.3bu.; U.S. spring wheat weather mostly favorable; open interest little changed in total, some rolling noted out of U into Z/H, volume light side. Sept. “meaningful” resistance $6.62-6.70.

Kleist Comments

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

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