Kleist Comments

MORNING GRAINS 9/05/13
MORNING GRAINS 9/05/13

Corn:

Exports: So. Korea in 140,000t corn, 60,000t feed wheat opt/org.

Comments: Deliveries: 4; export sales tomorrow; FCStone sees 156.4bu./acre; Reuters survey has 153.9bu.; U.N.’s FAO revises 2013 world cereal grain production up 14mln.m/t’s due to Argentina area and good conditions in Europe and Ukraine; open interest fell 4,000 led by Sept./Dec. off 7700 amid light volume; December corn nearing important lows in the $4.60 area and perhaps the coming weekend will curtail larger selling.

SOYBEANS:

Exports: None Visible.

Comments: Some rains to ¼” seen for central cornbelt but warmer; FCStone sees avg. yld. at 41.2bu./acre; Reuters survey sees 41.9bu.; shorts winning battle so far as open interest rises another 9,700 amid moderate volume (getting oversold quickly, beware whipsaws); another gap just under the electronic here at $13.31-1/2 in the November; many reports I read still insist bean production will continue to worsen on weather forecasts….maybe so but if one bought the highs a 70-cent loss already tough to defend. Nonetheless, I do believe South American planting talk there and if so causal record high production for the 1st quarter 2014 has been in play. Especially for the commercials.

Wheat:

Exports: Bangladesh buys 50,000t opt/org.; So.Korea buys 22,500t U.S.; Japan buys 116,350t U.S/Canada.

Comments: Deliveries Chigo: 199 (street games); KC. 19; open interest rose 1,263 amid light volume; U.N.’s FAO sees world cereal grains revised up 14mln.m/t’s; December range lows at $6.40-6.35-1/2. Still trading corn here.

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.