Grains Report - Wednesday, Aug. 26

WHEAT
General Comments: Wheat was a little higher in both markets yesterday after an early dive lower as the Ukraine-Russia war continues. 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 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 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. Support is at 660, 646, and 626 September, with resistance at 697, 711, and 718 September. Trends in Kansas City are mixed. Support is at 731, 719, and 694 September, with resistance at 771, 777, and 784 September. Trends in Minneapolis are not available

RICE
General Comments: Rice closed lower yesterday and well off the lows of the day. The lows were hit early in the session. 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, Trends are up on the daily charts and are turning up on the weekly charts.
Chart Analysis: Trends are mixed to up. Support is at 1402, 1392, and 1374 September and resistance is at 1508, 1516, and 1528 September.

CORN AND OATS
General Comments: Corn was higher again yesterday on the results of the Pro Farmer tour and ideas of more potential losses from stressful weather. Pro Farmer estimated the US yield at 173.2 bu/acre and total production at 15.344 billion bushels. The estimate is the lowest heard by us so far this year and well below the August estimates from USDA. We made a quick crop tour of Indiana and Illinois two weeks ago and over the following weekend. Yield reports were generally good but below last year. We purposely sought to find good looking fields. Many fields were yellowing from nitrogen loss from too much rain and some fields had lower leaves dying due to the rain and heat alternating. This was true for much of the eastern and northern Midwest. 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 a little lower.
Chart Analysis: Trends in Corn are mixed . Support is at 468, 461, and 457 September, and resistance is at 484, 490, and 496 September. Trends in Oats are mixed. Support is at 307,to up 300, and 294 September, and resistance is at 333, 349, and 347 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil were a little higher yesterday in part on the Pro Farmer estimates. But Soybean Meal was a little loer. Pro Farmer estimated the US yield at 53.3 bu/acre and the total US production at 4.572 billion bushels. Both estimate are above the USDA August estimates. The rain caused some significant ponding in Illinois and Indiana as seen from our brief crop tour two weeks ago and over the following weekend. 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 333,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 1198, 1181, and 1171 September, and resistance is at 1228, 1238, and 1250 September. Trends in Soybean Meal are mixed. Support is at 314.00, 308.00, and 396.00 September, and resistance is at 328.00, 331.00,and 334.00 September. Trends in Soybean Oil are mixed. Support is at 6540, 6440, and 6380 September, with resistance at 6910, 7060, and 7140 September.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today. Canola was lower yesterday.
Chart Analysis: Trends in Canola are mixed to up. Support is at 769.00, 754.00, and 749.00 November, with resistance at 797.00, 806.00, and 826.00 November. Trends in Palm Oil are up. Support is at 4850, 4800, and 4750 November, with resistance at 5030, 5060, and 5090 October.