Grains Report - Tue., June 30

WHEAT
General Comments: Wheat closed lower in both markets yesterday as the harvest continues and as harvest yield reports remain low. Forecasts and reports for improving weather in Wheat areas continue after a very hot week last week. The crop condition ratings are still among the lowest in over 30 years in HRW areas and have provided some support for prices. Crop conditions should start to show some improvement soon but were lower last week. The Winter Wheat harvest is more than 40% done. USDA showed mostly stable crop conditions this week. Spring Wheat progress is about normal, and conditions are rated as stable from the previous week. Conditions are good in the US Midwest, but Europe has been too hot. The weather is now featuring mostly dry conditions for parts of the Midwest along with warming temperatures.
Overnight News: Nigeria bought 100,00o0 tons of US HRS.
Chart Analysis: Trends in Chicago are mixed to down. Support is at 586, 580, and 574 September, with resistance at 609, 626, and 641 September. Trends in Kansas City are mixed to down. Support is at 615, 597, and 586 September, with resistance at 639, 647, and 664 September. Trends in Minneapolis are not available.

RICE
General Comments: Rice closed higher again yesterday and closed at new highs for the move as the market continues to recover. USDA said that Rice planted area would be about 12% less in the coming year. Emergence is about average, and condition was slightly improved from last week. Demand remains moderate to poor for US Rice and was moderate last week.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1330, 1302, and 1268 September and resistance is at 1380, 1392, and 1404 September.

CORN AND OATS
General Comments: Corn was lower yesterday despite big rains in parts of the Midwest that are causing flooding in some fields. It should be drier this week. The crop conditions are strong but unchanged last week in the Midwest and news of lower petroleum prices because of the Iran war continues. Forecasts for good growing conditions continue in the Midwest. Silking is starting. It looks drier this week. Temperatures in the Midwest should be cool for the next week. Oats were sharply lower and trends are still down on the weekly charts.
Chart Analysis: Trends in Corn are mixed to down. Support is at 407, 404, and 401 September, and resistance is at 427, 430, and 432 September. Trends in Oats are mixed to down. Support is at 302, 296, and 290 September, and resistance is at 324, 329, and 333 September.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday on reports of improved conditions in the Midwest and no new China demand news. Rapid planting and emergence progress was shown by USDA this week and reports of good conditions continue. Condition is rated high by USDA in the latest reports. Futures were also lower on the lack of news on China. Cooler temperatures and wet weather are expected for the next week in the Midwest. There is talk that more Soybeans could be planted as Corn planting is more expensive. The big South American harvests are also weighing on prices. There is more talk of Chinese buying interest in US Soybeans this morning but there has not been any actual news.
Analysis: Trends in Soybeans are mixed. Support is at 1112, 1107, and 1092 August, and resistance is at 1140, 1145, and 1154 August. Trends in Soybean Meal are mixed. Support is at 301.00, 299.00, and 296.00 August, and resistance is at 306.00, 309.00,and 311.00 August. Trends in Soybean Oil are mixed. Support is at 6760, 6680, and 6440 August, with resistance at 7110, 7310, and 7460 August.

PALM OIL AND CANOLA
General Comments: Palm Oil closed lower today along with Soybean Oil. Canola was a little lower yesterday as conditions remain hot and dry in the Prairies but are starting to improve and on weakness in the outside markets.
Chart Analysis: Trends in Canola are mixed. Support is at 737.00, 728.00, and 710.00 November, with resistance at 740.00, 756.00, and 770.00 November. Trends in Palm Oil are mixed. Support is at 4610, 4510, and 4470 September, with resistance at 4710, 4740, and 4820 September.