Grains Report - Monday, April, 20

WHEAT
General Comments: Wheat closed higher in both markets last week with KC leading the way as rains failed to fall in the western Great Plains over the weekend but more chances for rains appeared in the forecasts for later this week. The forecasts call for some rain in the next week or so but not in amounts more coverage that would save the crop. Conditions are too dry in much of the US Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential. Expected rain systems this week in the Great Plains could bring relief to crops produced there. The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.
Chart Analysis: Trends in Chicago are mixed. Support is at 564, 558, and 552 May, with resistance at 612, 616, and 625 May. Trends in Kansas City are mixed to up. Support is at 580, 567, and 560 May, with resistance at 654, 660, and 666 May. Trends in Minneapolis are not available.

RICE
General Comments: Rice closed higher last week helped in no small part to the big rally seen on Friday and trends are mixed. The market failed at resistance on the daily charts a couple of days ago. Traders anticipate less production this year in the US and around the world due to low prices. USDA said that Rice planted area would be about 12% less in the coming year. Demand remains moderate for US Rice but export demand has been less lately.
Chart Analysis: Trends are mixed. Support is at 1063, 1055, and 1036 May and resistance is at 1103, 1127, and 1143 May.

CORN AND OATS
General Comments: Corn was slightly higher last week in correction trading as too much rain is falling in the Midwest and farmers want o start planting. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on strong demand. Temperatures in the Midwest should be generally warm for the next week. Conditions are called good in Argentina and big production is expected there. Oats were slightly lower and trends are mixed on the daily charts and mixed to on the weekly charts as the market held support areas.
Chart Analysis: Trends in Corn are mixed. Support is at 438, 435, and 432 May, and resistance is at 460, 470, and 474 May. Trends in Oats are mixed to down. Support is at 331, 322, and 312 May, and resistance is at 353, 360, and 380 May.

SOYBEANS
General Comments: Soybean closed a little higher and Soybean Oil was higher and Soybean Meal was unchanged last week as the weather is too wet for planting in the US. The US government apparently has no idea on how to manage risks in the Hormuz or how to end the war. Big South American crops are being harvested, and ideas are that Chinese buying could be interrupted due to the Iran war and new import rules imposed by China. South American sources said that the Brazil crops are now more than 65% harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be generally warm in the Midwest for the next week.
Analysis: Trends in Soybeans are mixed. Support is at 1144 1137, and 1127 May, and resistance is at 1184, 1216, and 1234 May. Trends in Soybean Meal are mixed. Support is at 328.00, 318.00, and 315.00 May, and resistance is at 336.00, 342.00,and 348.00 May. Trends in Soybean Oil are up. Support is at 6420, 6250, and 6280 May, with resistance at 6960, 7020, and 7080 May.