Grains Report - Monday, Aug. 24

WHEAT
General Comments: Wheat was a little higher in Chicago and near unchanged in Kansas City last week after an early rally based on reports of more war between Ukraine and Russia faded. The price action was also tied to reports of reduced exports due to increased tensions in the Black Sea with Ukrainian bombing keeping Russia unable to ship anything through the Azov Sea and world weather. The Winter Wheat harvest is almost over. Spring Wheat is being harvested and is rated 52% good to in reports released a week ago excellent. Conditions are good in the US Midwest, but Europe has been too hot. The weather is now featuring scattered showers for parts of the Midwest along with moderate temperatures after a got week last week. The Great Plains should stay hot and dry.
Chart Analysis: Trends in Chicago are mixed. Support is at 646, 626, and 620 September, with resistance at 711, 718, and 724 September. Trends in Kansas City are mixed. Support is at 719, 691, and 679 September, with resistance at 777, 784, and 790 September. Trends in Minneapolis are not available.

RICE
General Comments: Rice closed higher last week despite harvest pressure. Brazil prices are also strong on ideas of short production and El Nino fears for production on the next crop. Condition was little changed from the previous week Harvest is active in most states. Demand remains moderate to poor for US Rice and was moderate last week. El Nino is threatening production in Asia and Indian prices remain high, Trends are up on the daily charts and are turning up on the weekly charts.
Chart Analysis: Trends are mixed to up. Support is at 1475, 1448, and 1434 September and resistance is at 1504, 1516, and 1528 September.

CORN AND OATS
General Comments: Corn was higher last week after big rains were reported over the precious weekend and on the results of the Pro Farmer tour. Weakness was seen on response to increased production estimates from Brazil released last week. We made a quick crop tour of Indiana and Illinois two weeks ago and over the following weekend. Yield reports were generally good but below last year. We purposely sought to find good looking fields. Many fields were yellowing from nitrogen loss from too much rain and some fields had lower leaves dying due to the rain and heat alternating. Buying was seen based on reports of more big rains in much of the Midwest. Northwest areas did especially benefit, but central and many northern areas of the Midwest were hurt due to excessive rains. There is still too much hot and dry weather in the western and southern Midwest but moderating conditions in Europe. Ukraine and Russia are back at war again and shipping is very limited in both countries. It should be cooler with drier weather in the Midwest this week. The crop conditions are unchanged from last week and below aa year ago. Maturity is starting and progress is ahead of normal. Temperatures in the Midwest should be cooler this week. Oats were near unchanged last week.
Overnight News: Unknown destinations bought 205,0009 tons of US Corn.
Chart Analysis: Trends in Corn are mixed . Support is at 468, 461, and 457 September, and resistance is at 484, 490, and 496 September. Trends in Oats are mixed. Support is at 307,to up 300, and 294 September, and resistance is at 333, 349, and 347 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher and Soybean Oil was a little higher yesterday on reports of more Chinese demand and because of reports for rain in the northern half of the Midwest and into central areas. The rain caused some significant ponding in Illinois and Indiana as seen from our brief crop tour two weeks ago and over the following weekend. It is still mostly hot and dry in the southern and western Midwest. Rapid blooming and setting pods progress was shown by USDA this week and reports of good conditions continue. Condition is below a year ago. Pro Farmer found below average yield potential in South Dakota and Ohio. Cooler temperatures and drier weather in northern areas are expected for the next week in the Midwest. Southern areas should stay hot and dry.
Analysis: Trends in Soybeans are mixed. Support is at 1210, 1198 and 1181 September, and resistance is at 1238, 1250, and 1262 September. Trends in Soybean Meal are mixed. Support is at 314.00, 308.00, and 396.00 September, and resistance is at 328.00, 331.00,and 334.00 September. Trends in Soybean Oil are mixed. Support is at 6660, 6540, and 6440 September, with resistance at 7260, 7290, and 7420 September.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week on strength in outside markets but were lower today. Canola was higher.
Chart Analysis: Trends in Canola are mixed to up. Support is at 795.00, 778.00, and 769.00 November, with resistance at 839.00, 845.00, and 852.00 November. Trends in Palm Oil are up. Support is at 4850, 4800, and 4750 November, with resistance at 5020, 5050, and 5080 October.