Grains Report - Wednesday, July 15

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WHEAT
General Comments: Wheat closed higher in both markets yesterday in recovery trading as the rally tied to the USDA reports and world weather found new footing. The harvest continues and harvest yield reports remain low The crop condition ratings are still among the lowest in over 30 years in HRW areas and have provided some support for prices. 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 hot temperatures.
Chart Analysis: Trends in Chicago are mixed to up. Support is at 626, 621, and 602 September, with resistance at 660, 674, and 692 September. Trends in Kansas City are mixed to up. Support is at 659, 639, and 627 September, with resistance at 692, 708, and 729 September. Trends in Minneapolis are not available

RICE
General Comments: Rice closed lower yesterday. USDA said that Rice planted area is estimated at 2.017 million acres and harvested area is estimated at 1.979 million acres. Long grain planted area is 1.395 million acres and harvested area is 1.375 million. Yield was increased, but production was cut to 153.3 million cwt and ending stocks were reduced to 30.09 million cwt for All Rice. Emergence is about average, and condition was slightly improved from last week. Demand remains moderate to poor for US Rice and was moderate to poor last week.
Chart Analysis: Trends are mixed. Support is at 1340, 1292, and 1268 September and resistance is at 1416, 1428, and 1440 September.

CORN AND OATS
General Comments: Corn was lower yesterday ss the rally tied to too much rain in many Midwest growing areas and hot and dry weather in Europe continued to fizzle out It should be warm with showers in the north this week. The crop conditions are strong but below aa year ago. Forecasts for good growing conditions continue in the Midwest. Silking is starting. Temperatures in the Midwest should be cool for the next week. Oats were lower yesterday and trends are up on the weekly charts, and are up on the daily charts. Oats ending stocks were increased by 6 million bushels to 32 million.
Chart Analysis: Trends in Corn are up. Support is at 406, 404, and 401 September, and resistance is at 454, 459, and 465 September. Trends in Oats are up. Support is at 328, 318, and 307 September, and resistance is at 361, 364, and 370 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower and Soybean Meal was higher on reports of improved conditions in the Midwest and no new China demand news. Rapid emergence progress was shown by USDA this week and reports of good conditions continue. Condition is rated high by USDA in the latest reports. Warmer temperatures and wet weather in northern areas are expected for the next week in the Midwest. The big South American harvests are also weighing on prices.
Overnight News: USDA confirmed sales of 136,000 tons of US Soybeans to China.
Analysis: Trends in Soybeans are up. Support is at 1163, 1154, and 1149 August, and resistance is at 1220, 1232, and 1244 August. Trends in Soybean Meal are up. Support is at 315.00, 309.00, and 305.00 August, and resistance is at 325.00, 329.00,and 333.00 August. Trends in Soybean Oil are mixed. Support is at 6540, 6440, and 6320 August, with resistance at 7460, 7580, and 7700 August.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on ideas of big supplies. Canola was higher on Chicago price action.
Chart Analysis: Trends in Canola are mixed to up. Support is at 740.00, 728.00, and 710.00 November, with resistance at 791.00, 797.00, and 803.00 November. Trends in Palm Oil are mixed. Support is at 4530, 4490, and 4430 October, with resistance at 4560, 4740, and 4780 October.