Kleist Comments

MORNING GRAINS 8/15/13
MORNING GRAINS 8/15/13

Corn:

Exports: Sold So.Korea 68,000t; Sold Taiwan 29,000t.

Comments: Weekly export sales a (-) negative 59,100t after China buys 62,000t but Japan/Unknown cancels 204,000t; new crop sales 836,100t; StrategieGrains revises E.U. corn crop down 200,000t to 65.7mln.m/t’s on lower harvests; NOAA calls for above normal temps. Sept./Nov. in northeast/Great Lakes; open interest rose 6,800 even as Sept. fell 10,300 amid moderate volume; as before, a soybean/soymeal low if in will be supportive corn; as such might avoid new hedges in the December until the $4.80’s-4.90’s for now and let the market sit a bit.

SOYBEANS:

Exports: Sold Taiwan 5,000t.

Comments: Weekly export sales a (-) negative 10,500t highlighted with: China buys 47,800t while unknown cancels 130,000t; new crop sales 1.893mln.m/t’s led by China/Unknown; Soymeal sales up hard from low levels to 122,400t (new crop 121,1000t); soyoil sales 1,800t a nothing (new crop light also at 6,000t); Lack of rains apparently in forecasts having a bullish effect since the temps are forecast back to the 90’s next week. I am comfortable with the reading of the market for now (lows in) and will look for an upside to likely get some new hedges on; open interest rose 12,000 led by November up 6,600 amid moderate volume.

Wheat:

Exports: Taiwan buys 101,500t opt/org.

Comments: Weekly export sales fell 33% to 490,100t as buying by Brazil (140,700t) and China (60,900t) offset by Unknown cancelling 174,000t; China sees a problem with heavy rains in spring wheat areas; England plantings at 30-year low on early rain problems; StrategieGrains 2013-2014 harvest raised 800,000t to 134.2mln.m/t’s; European futures make new contract lows; open interest fell 6,400 led by Sept. amid good volume. As before, treating as a corn adjunct for now.

Kleist Comments

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

Disclaimer: Trading options and commodities involves risk of loss and my not be for every investor. Past trading results may not be indicative of future performance. Although information and opinions provided herein are compiled from sources believed reliable, the sender, EBOT Trading, or its principals cannot attest as to accuracy or assume any responsibility for any errors or omissions as the information may not be complete or events may have changed.