Kleist Comments





Sold Mexico 120,000t new crop.

Comments: A Band of Brothers: UK farmland prices rise 2% in 2Q to a record high, could add another 4-5% in next 12 months, beats gold to investors (anybody think a global bubble is coming?); USDA S/D Thursday…to use recent acreage but play with yields?; no COT Report until this afternoon; July expires Friday (will Sept. get in on the squeeze?); open interest fell 3100 led by N/U dn. 4300, volume light. December in my ‘weather premium” price frame still.


Exports: Sold China 135,000t new crop.

Comments: Weather overall looks OK, though some excess rains in east a problem maybe; global financial markets concerned over China liquidity fears; China futures lower on that and profit taking; interesting weekend reading that China’s consumers are anti-GMO beans (to grow or import) and some groups really spread rumors about them)i.e. soybean oil from GMO unhealthy, U.S. consumers do not eat products from it); open interest fell 3800 led by November off 4775, volume very light; No opinion change, November fell to above the higher end of my expected ‘weather premium’ price range overnight and will maintain that view as before.


Exports: Sold China 840,000t SRW.

Comments: Dry Ks. for harvesting; northern areas favorable conditions (but double-crop concerns); Australian wheat areas mixed but generally OK; Argentine winter wheat sees favorable planting weather (speaking of them, government pulled out a “anti-hoarding” law due to extremely tight domestic supplies, regions ask for imports from North America or Uruguay (note: their shortages are politically man-made); open interest rose 1,824 led by Sept. up 4,030 amid very light volume. I remain friendly as before; China finally showed up and I wonder if there’s any more to come?

Kleist Comments

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

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