Grains Report - Tuesday, April 14

WHEAT
General Comments: Wheat closed higher in both markets yesterday as rains failed to fall in the western Great Plains over the weekend. The forecasts call for some rain in the next week or so. WASDE showed that ending stocks were higher mostly due to increased imports but also a small cut to seed demand. The market had expected a small cut to ending stocks. 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 yp. Support is at 580, 567, and 560 May, with resistance at 625, 638, and 648 May. Trends in Minneapolis are not available.

RICE
General Comments: Rice closed lower last week and trends are down on the daily and weekly charts. The market failed at resistance on the weekly charts. 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 down. Support is at 1063, 1055, and 1036 May and resistance is at 1095, 1104, and 1127 May.

CORN AND OATS
General Comments: Corn was slightly higher yesterday as the weather is good in the US and early planting is expected. Early planting traditionally leads to large yields. The WASDE reports made no changes to Corn and was considered neutral for prices. 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 mixed on the daily charts and mixed to on the weekly charts as the market held support areas.
Overnight News: Mexico bough 316,000 tons of US Crn and unknown destinations bought 120,000 tons f US Corn.
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: Soybeans and Soybean Meal were lower yesterday as the weather for planting is good in the US. Soybean Oil was higher The WASDE report increased the domestic crush by 35 million bushels but cut exports by the same amount to leave ending stocks unchanged. 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.

PALM OIL AND CANOLA
General Comments: Palm Oil futures was lower today as the Iran war keep bio fuels demand hopes active but outside markets are weaker as are Crude Oil futures and other petroleum markets. Demand ideas are in a state of flux right now due to the war. Canola was lower 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