Kleist Comments

MORNING GRAINS 8/19/13
MORNING GRAINS 8/19/13

Corn:

Exports: None Visible.

Comments: Weather not as serious here perhaps but what effects soymeal (beans) is and underlying supportive; Australia begins 3-day international grain conference; Asian buyers now a bit more cocky that U.S. prices have to move lower; Brazil winter corn harvest OK on favorable conditions; CME$# margins $2025.00 vs. 2700.00 in an end of summer clearance; open interest fell 9,500 led by Sept. Off 9,735 amid moderate volume; C-O-T report: largely neutral; December corn in the $4.80-‘s-4.90-‘s starting ground for new hedges (near money puts).

SOYBEANS:

Exports: None Visible.

Comments: Beans the leaderboard here with no weekend rains and forecasts for hot weather with only light rain chances Wed. or Thursday. ProLifer crop Tour starts today, pick out your favorite ‘ dances with acres’ member on Google Maps and pin point lasers; CME lowers initial margins to $4050.00 from $4590.00 and with 20-30 cent or more moves a heck of a bargain; open interest rose 2,550 amid light/moderate volume; C-O-T report: decidedly bearish from a commercial sense, more neutral/negative in total. November beans into an area ($12.80’s-12.90’s) where some hedging should be performed (near the money puts to begin).

Wheat:

Exports: None Visible.

Comments: How quiet is it? Seriously quiet with price movement a near reflection of the corn price movement. No world catastrophes! Open interest fell 3,000 amid moderate volume; C-O-T report: slightly friendly. Same game plan

Kleist Comments

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

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