Grains Report - Monday, Sep. 28

WHEAT
General Comments: Wheat was lower in both markets Friday at the US-China summit wrapped with no new sales announcements and as the Ukraine-Russia war continues and threatens any exports from the region. Both sides have reported an export pace more than 50% less than a year ago. The markets trimmed the losses after opening on the lows. The US Winter Wheat planting is 19% complete. The Spring Wheat harvest is now over. Conditions are mixed in the US Midwest. 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 get big rains in southern areas.
Chart Analysis: Trends in Chicago are mixed to down. Support is at 685, 677, and 665 December, with resistance at 730, 736, and 742 December. Trends in Kansas City are mixed to down. Support is at 742, 730, and 712 December, with resistance at 800, 807, and 819 December. Trends in Minneapolis are not available.

RICE
General Comments: Rice closed near unchanged Friday in consolidation trading and has put together strong rally this week. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Harvest is active in most states and is 70% 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 turning down on the daily charts and are up on the weekly charts,
Overnight News:
Chart Analysis: Trends are up. Support is at 1549, 1514, and 1465 November and resistance is at 1670, 1699, and 1712 November.

CORN AND OATS
General Comments: Corn was lower Friday on selling at the end of the US-China summit and no real hopes for positive demand news from the China summit. There is moderating weather in the western and southern Midwest. Ukraine and Russia are back at war again and shipping is very limited in both countries. It should be cooler with some wet weather in the Midwest this week. The crop conditions were steady last week and below aa year ago. Progress is about normal and the harvest is now 10% complete. Anecdotal report indicate that the harvest has started in the southern Midwest. Temperatures in the Midwest should be cooler this week amid mostly dry weather. Big tains are likely in ther south. Oats were higher. The harvest is complete.
Chart Analysis: Trends in Corn are mixed. Support is at 515, 510, and 497 December, and resistance is at 549, 554, and 560 December. Trends in Oats are mixed to up. Support is at 406, 403, and 392 December, and resistance is at 426, 432, and 438 December.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher Friday on hopes for positive demand news from the China summit now over and on ideas of higher world petroleum prices longer term from the wars. Soybean Meal was lower. China is expected to buy more cargoes of US Soybeans before the US-China summit meetings in the coming weeks. The harvest is now 8% complete. It is still hot and dry in the south but cool and wet in the north. Moderating weather is expected in southern areas this week with precipitation and cooler temperatures. Condition is below a year ago and unchanged from the previous week. Cooler temperatures and wet weather are expected for the next week in the Midwest. Big rains are likely in the south. There is some concern that El Nono could affect South American Soybeans production this year.
Analysis: Trends in Soybeans are mixed. Support is at 1290, 1256, and 1244 November, and resistance is at 1335, 1348, and 1360 September. Trends in Soybean Meal are mixed to up. Support is at 360.00, 352.00, and 347.00 October, and resistance is at 378.00, 381.00,and 384.00 October. Trends in Soybean Oil are mixed to down. Support is at 6610, 6570, and 6500 October, with resistance at 6900, 7060, and 7170 October.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today. Daily chart trends are down. Canola was lower Friday and trends are mixed on the daily charts and up on the weekly charts.
Chart Analysis: Trends in Canola are mixed. Support is at 815.00, 807.00, and 793.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed to down. Support is at 4730, 4680, and 4600 December, with resistance at 4800, 4890, and 4960 December.