Kleist Comments

MORNING GRAINS 8/16/13
MORNING GRAINS 8/16/13

Corn:

Exports: None Visible.

Comments: Gee, how quiet is it? Looks like the electronic trade into a profit taking mode ahead of the weekend yet weather support in beans/meal likely to keep significant losses at bay. Open interest rose another 12,300 even as Sept. falls 12,000 amid good volume (the correction the battle ground); some talk, speaking of the acreage numbers I put out yesterday, that the FSA and USDA not always on the same page and were well apart 2010-2011; for now letting December float, closer to $5.00 we’ll talk add-on hedges.

SOYBEANS:

Exports: Taiwan in 60,000t U.S./Brazil.

Comments: Well, we are now ahead of ‘weather market weekend ™’ with 90 degrees and no rain forecast next week apparently which is likely to keep futures from mortal losses; and I just read where one weather forecaster still has a potential ‘early freeze’ on his books? Who is going to press the short side of that right now? Open interest rose 9,800 amid good volume yesterday (getting too overbought); November beans might be looking at $12.80’s/12.90’s (meaningful chart resistance) as the upside target. We can afford to give it some room perhaps.

Wheat:

Exports: So Korea buys 25,500t U.S.

Comments: E.U. futures dn. 1% on western Europe harvest; northern plains U.S. wheat OK for now; open interest little changed in total, rolling noted Sept. into Dec., volume good; still trading wheat in the corn pit generally.

Kleist Comments

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

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