Grains Report - Tuesday, Sep. 1

WHEAT
General Comments: Wheat was lower in both markets yesterday as the Ukraine-Russia war continues and threatens any exports from the region. The president of Ukraine has said that his country and Russia would sit down soon to try to find a way for grains exports to resume from both countries, but Russia has so far rejected the idea Ukraine has hit infrastructure in Russia again by hitting a space facility and Russia has hit back. The Winter Wheat harvest is almost over. Spring Wheat is being harvested and is rated 51% good to excellent in reports released a week ago excellent. Conditions are mixed 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 up. Support is at 728, 706, and 685 December, with resistance at 796, 808, and 820 December. Trends in Kansas City are mixed to up. Support is at 793, 743, and 747 December, with resistance at 856, 868, and 880 December. Trends in Minneapolis are not available

RICE
General Comments: Rice closed higher yesterday and near the highs for the move on reports of a very weak Indian monsoon that is threatening ag production including Rice. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Condition in the US was little changed from the previous week. Harvest is active in most states and is 27% complete. 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 and are going higher, Trends are up on the daily charts and are up on the weekly charts.
Chart Analysis: Trends are up. Support is at 1541, 1510, and 1465 November and resistance is at 1580, 1592, and 1804 November.

CORN AND OATS
General Comments: Corn was higher yesterday after a strong rally seen in response to the results of the Pro Farmer tour and ideas of more potential losses from stressful weather around the world but especially in Europe and Asia. 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 lower than last week and below aa year ago. Maturity is starting and progress is ahead of normal with maturity under way. Temperatures in the Midwest should be cooler this week. Oats were lower.
Chart Analysis: Trends in Corn are mixed . Support is at 521, 513, and 497 December, and resistance is at 542, 5$8, and 554 December. Trends in Oats are mixed. Support is at 360, 352, and 347 December, and resistance is at 377, 396, and 408 September.

SOYBEANS
General Comments: Soybeans and the products were higher yesterday in part on renewed buying from China and other countries and a decision by Trump to keep the worst of the tariffs from China ahead of the summit. It is still mostly hot and dry in the southern and western Midwest. Leaves are starting to drop according to USDA this week and reports of good conditions continue. Condition is below a year ago and unchanged from last week. Cooler temperatures and drier weather in northern areas are expected for the next week in the Midwest. Southern areas should stay hot and dry
Overnight News: China bought 136,000 tons of US Soybeans.
Analysis: Trends in Soybeans are up. Support is at 1272, 1251, and 1239 November, and resistance is at 1304, 1316, and 1328 September. Trends in Soybean Meal are up. Support is at 333.00, 327.00, and 323.00 October, and resistance is at 346.00, 352.00,and 360.00 October. Trends in Soybean Oil are mixed to up. Support is at 6780, 6630, and 6570 October, with resistance at 7070, 7170, and 7250 October.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today on strength in Chicago. Canola was higher.
Chart Analysis: Trends in Canola are mixed to up. Support is at 769.00, 754.00, and 749.00 November, with resistance at 826.00, 832.00, and 844.00 November. Trends in Palm Oil are mixed to up. Support is at 4800, 4750, and 4700 November, with resistance at 4960, 5030, and 5090 November.