Grains Report - Wed, Aug 12

WHEAT
General Comments: Wheat was lower yesterday despite more reports of more war between Ukraine and Russia as some profit taking developed before the USDA reports that will be released later today. Ukraine bombed Russian ports overnight using drones in a new escalation in the war. The price action was also tied to reports of reduced exports due to 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 is over 81% complete. Spring Wheat is being harvested and is rated 51% 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.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 626, 620, and 614 September, with resistance at 658, 670, and 686 September. Trends in Kansas City are mixed. 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 lower yesterday on sone long liquidation in part on harvest pressure and selling before the USDA reports that ill be released later today. Brazil prices are also strong on ideas of short production and El Nino fears for production on the next crop. 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. Condition was little changed from the previous week Harvest is active in most states. Demand remains moderate to poor for US Rice and was moderate to poor last week.
Overnight News:
Chart Analysis: Trends are mixed to up. Support is at 1340, 1393, and 1292 September and resistance is at 1444, 1456, and 1468 September.
CORN AND OATS
General Comments: Corn was slightly lower yesterday in trading before the release of the USDA reports today. Selling was see based on reports of more big rains in much of the Midwest. Northwest areas did especially benefit, and central areas of the Midwest were helped as the coverage area expanded. 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 lower 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 unchanged from last week and below aa year ago. Dent is starting and progress is ahead of normal. Temperatures in the Midwest should be cooler this week. Oats were lower yesterday.
Overnight News:
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 Soybean Oil were lower yesterday despite reports of more Chinese demand and because of reports for rain in the northern half of the Midwest and into central areas. Soybean Meal was higher. 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 slightly lower than 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 244,000 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 305.00, 302.00, and 299.00 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 higher again today. Canola was lower yesterday.
Overnight News
Chart Analysis: Trends in Canola are mixed. 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 4740, 4780, and 4820 October.