Kleist Comments

MORNING GRAINS 8/25/14
MORNING GRAINS 8/25/14

Corn:
Exports: Sold Columbia 120,000t, Costa Rica 113,673t new crop.
Comments: INTERNET WAS OUT UNTIL 8:40 AM, SORRY FOR THE DELAYS.
Well, hate to be late to the party here but 1) there’s little fresh news; 2) rains over the weekend in the ‘dry’ parts of Iowa substantial. Market doesn’t need more to break; I like the fact we are getting export demand from more than the usual suspects but not enough to turn the tide and will not be for awhile with a 14blnbu. crop coming; December still in a trading range but concerned it will not find “good news” to let it take out swing highs.

SOYBEANS:
Exports: None Visible.
Comments: September beans being ‘re-squeezed’ but curiously not the Sept. meal….without which the squeeze is meaningless; good rains in dry parts of Iowa noted over the weekend; interesting that open interest in beans only up about 2,000 while meal was up 8,700 and soyoil up 6,900!..maybe why the oil/meal spreads turned sharply; “longer term” (to 15 day) forecasts sees no frost; new swing lows obviously in the November beans with $10.00 prices coming into focus.

Wheat:
Exports: None Visible.
Comments: Talk of rains in North Dakota and Canada and the Ukraine political situation of little bullish help. We need export demand in here. Period. Nonetheless, December still pivoting around its 20-day m/a (now $5.59) looking for legs. Corn weakness the pressure early.

Kleist Comments

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

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