Grains Report - Rice Rose On Tight Global Supplies

WHEAT
General Comments: Wheat was lower in both markets once again yesterday as planting and emergence of Winter Wheat was ahead of normal with improved weather in the Great Plains. Brazil elected Lula as President over the weekend, a surprise that hurt the Real and helped with some follow through selling today. Both sides in the Russia-Ukraine war have reported an export pace more than 50% less than a year ago. The US Winter Wheat planting was 76% complete last week and Winter Wheat was 53% emerged. 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 scattered showers in all areas.
Chart Analysis: Trends in Chicago are down. Support is at 610, 591, and 580 December, with resistance at 621, 645 and 662 December. Trends in Kansas City are down. Support is at 645, 642, and 636 December, with resistance at 676, 711, and 725 December. Trends in Minneapolis are not available

RICE
General Comments: Rice closed higher yesterday as the overall supply scenario remains tight at home and around the world. Lula was elected president of Brazil over the weekend in a surprise that hurt the Real and grains prices in general.. Damage to unharvested crops is reported from the hurricane and there are worries about El Nino hurting world production. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. 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 mixed on the daily charts and are up on the weekly charts.
Chart Analysis: Trends are mixed. Support is at 1700, 1687, and 1670 November and resistance is at 1772, 1784, and 1796 November.

CORN AND OATS
General Comments: Corn was lower again yesterday on reports of good harvest progress amid warm and dry weather. Lula was elected president of Brail over the weekend in a surprise election result that hurt the Real and ag prices generally. Trends are down on the daily and weekly charts. There is moderating weather in the western and southern Midwest with mostly dry conditions. Harvest has been active in most areas of the Midwest with good but not great yields being reported. Ukraine and Russia are still at war and shipping is very limited in both countries. It should be cooler with drier weather in the Midwest this week. The crop conditions last week were slightly lower from the previous week and below aa year ago. Progress is below normal and the harvest is now 60% complete. Temperatures in the Midwest should be warmer this week amid mostly dry weather. Oats were lower and trends are down on the weekly charts.
Chart Analysis: Trends in Corn are mixed to down . Support is at 448, 442, and 436 December, and resistance is at 470, 478, and 488 December. Trends in Oats are down. Support is at 352, 346, and 341 December, and resistance is at 370, 383, and 405 December.

SOYBEANS
General Comments: Soybeans and the products were lower again yesterday on great harvest progress and despite big buying from China. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. Lula was lected president of Brazil over the weekend It was a surprise to the market and hurt the Real against the Dollar and Ag prices generally, especially those featuring selling from Brazil. The harvest was 79% complete last week. Cooler and dry weather is likely in the north.
Overnight News: Unknown destinations bought 120,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1228, 1220, and 1213 November, and resistance is at 1266, 1278, and 1298 September. Trends in Soybean Meal are down. Support is at 337.00, 329.00, and 322.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6540, 6480, and 6420 December, with resistance at 6740, 6880, and 7010 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on ideas of increasing supplies. Daily chart trends are turning down again and weekly trends are mixed to up. Canola was lower and trends are still down on the daily charts.
Chart Analysis: Trends in Canola are mixed. Support is at 770.00, 754.00, and 750.00 November, with resistance at 794.00, 805.00, and 815.00 November. Trends in Palm Oil are mixed to down. Support is at 4550, 4490, and 4430 December, with resistance at 4660, 4760, and 4800 December.