Kleist Comments

MORNING GRAINS 8/23/13
MORNING GRAINS 8/23/13

Corn:

Exports: None Visible.

Comments: Temps. turn hotter next week which is leading beans which then I corn’s support; crop tour says Iowa yld.s 171.94bu./acre vs.3-yr. at 157.09bu. vs. last USDA’s 161.0bu…. I find this very curious as does Iowa; Minn. ylds. 181.09bu. vs. 3-yr. 172.53bu.; Farm Progress Show reports there will be NO field demo’s due to a lack of mature crops (1st time in 60-years apparently); open interest fell 13,540 led by both Sept. and Dec. combined, volume moderate. Weather market weekend ™, no need to press the market breaks.

SOYBEANS:

Exports: None Visible.

Comments: Rains passed by yesterday but in many areas very beneficial; back to the 90’s next week with only scattered rains so far (yesterday’s rains not forecast either); Tour reports Iowa/Minn soybeans crop sharply poorer; Russia reports soy crop 1.5-1.6mln.m/t’s vs. 1.9mln. due to flooding (hey, it all helps if bullish!); open interest ROSE 9,850 and prices closed off their lows?…well, getting it back today so far. Weather market weekend ™ to keep breaks in line and likely non-threatening.

Wheat:

Exports: None Visible.

Comments: None Visible. Really, would need to claw the bottom of the litter pan to find something ‘market moving’. Oh well, joining wheat to the corn at the hip might be all we need. Open interest fell 2,880 amid moderate volume

Kleist Comments

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

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