Grains Report - Thursday, April 23

WHEAT
General Comments: Wheat closed lower in both markets yesterday with KC leading the way as isolated showers were reported and are forecast in the western Great Plains. 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. 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 a little higher. The dailay trends are still mixed to up. 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.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1063, 1055, and 1036 May and resistance is at 1127, 1143, and 1156 May.

CORN AND OATS
General Comments: Corn was higher yesterday as farmers were waiting to plant and strong demand continues. There were more sales on the flash reports from USDA. It looks drier this week, but not completely dry Chicago has seen a record amount of rain so far this Spring. 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 lower and trends are down on the daily charts.
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 down. Support is at 312, 300, and 288 May, and resistance is at 353, 360, and 380 May

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower and Soybean Oil was mixed yesterday as the weather is too wet for planting in the Midwest. 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 323.00, 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 7260, 7320, and 7380 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures was lower today on weakness in outside markets. The war threat will not go away and demand ideas remain strong. Canola was higher yesterday.
Chart Analysis: Trends in Canola are mixed. Support is at 701.00, 682.00, and 669.00 May, with resistance at 736.00, 743.00, and 758.00 May. Trends in Palm Oil are mixed. Support is at 4540, 4450, and 4350 July, with resistance at 4740, 4800, and 4870 July