MORNING GRAINS 7/9/13
Exports: Taiwan buys 60,000t Brazil.
Comments: A little dryness goes a long way as we saw December corn hold our ‘weather premium’ estimate and rally modestly off of it. Basis the last upside correction we could see $5.30-5.40 or so. Open interest fell 6100 amid light volume; C-O-T report: leans bullish.
Exports: None Visible.
Comments: Weather ‘glitches’ go a long way and so far about +50 cents top to bottom for November beans yesterday/today. My work suggests a move to $12.85 area in the cards near term. But I am leaving it alone as far as new shorts are concerned for now. China futures higher on strong soymeal gains there. Open interest fell 2400 amid light volume (light volume why it’s so volatile); C-O-T report: leaned slightly bullish.
Exports: Japan in 49,954t (US./CAN./AUST.)
Comments: Japan still shunning U.S. western wheat; Ukraine harvest ‘double’ previous year; Russian Ag says “maybe” harvest will decline on weather but keeps total unchanged at 95mln.m/t’s; open interest fell 2,000 amid moderate volume; C-O-T report: leaned bullishly. I am maintaining a friendly posture here and if right the corn Sept. wheat to $7.00 not a major problem.