Kleist Comments

MORNING GRAINS 9/30/13
MORNING GRAINS 9/30/13

USDA REPORT: AVG. EST’S STOCKS–CORN 690MLN.BU.; BEANS 125MLN.; WHEAT 1.9BLN.

Corn:

Exports: None Visible. ****END OF MONTH/QUARTER………………………

Comments: Electronic report now says corn stocks will be snug and beans less snug, or something like that and hence the spreading. Heck, supposedly a major midwest storm coming in Thursday which will delay harvest (support cash?) and push beans back into back-up? Government shut down? Who’d know? But might hit financial markets some. Open interest rose 1200 amid light volume; C-O-T report leaned bullish.

SOYBEANS:

Exports: So.Korea passes on 55,000t opt. soymeal.

Comments: Now apparently bean stocks will exceed trade estimates as reports try to explain the electronic action ($13.00 bucks holds again!) but I am not that bearish as mentioned; Soymeal prices in Asia lower on ongoing harvests in U.S. and more out of India; open interest fell 2700 amid light volume; C-O-T report leans bullish; let’s see what hand the report deals us.

Wheat:

Exports: So.Korea buys 30,000t U.S., 80,000t Aust.

Comments: Ukraine exports rise 10% on year (no surprise); Asia sees prices falling on harvests from U.S., India and Australia; open interest rose 2,000 amid moderate volume; C-O-T report leans fairly bearish; might still get to $7.00 Dec. Chgo. but need report out of the way.

USDA ALL WHEAT AVG. EST. 2.120BLN.BU.

Kleist Comments

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

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