Grains Report - Thursday, Aug. 6

WHEAT
General Comments: Wheat was higher yesterday after reports of more war between Ukraine and Russia. The price action was also tied to reports of reduced exports despite increased tensions in the Black Sea with Ukrainian bombing keeping Russia unable to ship anything through the Azov Sea and world weather. The harvest has been interrupted by too much rain in Texas and harvest yield reports remain low The crop harvest us now 86% complete. Spring Wheat has been heading and is rated 55% good to excellent. The harvest is underway. 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 to down. Support is at 629, 626, and 620 September, with resistance at 658, 670, and 686 September. Trends in Kansas City are down. Support is at 691, 679, and 659 September, with resistance at 755, 770, and 79 September. Trends in Minneapolis are not available

RICE
General Comments: Rice closed higher yesterday in part after wire reports of stronger prices in Asia and despite harvest pressure. USDA said that Rice planted and harvested area is estimated to be sharply lower this year, leading to much lower production and tighter ending stocks estimates. Emergence is about average, and condition was little changed from the previous week Harvest is active in Texas. Demand remains moderate to poor for US Rice and was moderate to poor last week.
Chart Analysis: Trends are mixed to up. Support is at 1340, 1393, and 1292 September and resistance is at 1432, 1444, and 1456 September.

CORN AND OATS
General Comments: Corn was lower on reports of rain in the northern half of the Midwest this week. Northwest areas will especially benefit, and central areas of the Midwest could be helped as the coverage area expands. There is still too much hot and dry weather in the western and southern Midwest but moderating conditions in Europe The export sales report showed that demand was at the higher end of expectations. Ukraine and Russia are back at war again and shipping is very limited in both countries. It should be warm with showers in the northern Midwest this week but other areas should stay mostly dry. The crop conditions are slightly lower than last week and below aa year ago. Dough is starting and progress is ahead of normal. Temperatures in the Midwest should be cooler this week. Oats were higher yesterday.
Chart Analysis: Trends in Corn are mixed. Support is at 435, 427, and 421 September, and resistance is at 472, 478, and 484 September. Trends in Oats are down. Support is at 307, 300, and 294 September, and resistance is at 333, 349, and 347 September.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday despite reports of more Chinese demand and because of forecasts for rain in the northern half of the Midwest and into central areas this week. Northwest areas could especially benefit. It is still mostly hot and dry in the southern Midwest. Rapid blooming and setting pods progress was shown by USDA this week and reports of good conditions continue. Condition is unchanged from last week and below a year ago. Cooler temperatures and wet weather in northern areas are expected for the next week in the Midwest. Southern areas should stay hot and dry
Overnight News: China bought 122,000 tons of US Soybeans.
Analysis: Trends in Soybeans are down. Support is at 1140, 1122 and 1110 September, and resistance is at 1197, 1210, and 1225 September. Trends in Soybean Meal are down. Support is at 308.00, 305.00, and 302.00 September, and resistance is at 320.00, 323.00,and 328.00 September. Trends in Soybean Oil are mixed. Support is at 6660, 6540, and 6440 September, with resistance at 7110, 7260, and 7290 September.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on outside markets action. Canola was higher yesterday.
Chart Analysis: Trends in Canola are mixed to down. Support is at 750.00, 743.00, and 729.00 November, with resistance at 780.00, 800.00, and 815.00 November. Trends in Palm Oil are mixed. Support is at 4600, 4530, and 4400 October, with resistance at 4690, 4740, and 4780 October.