Grains Report: Soybeans Faced Pressure While Rice Prices Climbed

WHEAT
General Comments: Wheat was a little higher in Chicago but a little lower in KC yesterday in consolidation trading. The emergence of Winter Wheat are ahead of normal with improved weather in the Great Plains. 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 83% complete last week and Winter Wheat was 65% emerged. Condition is rated 4% good to excellent. 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 591, 580, and 568 December, with resistance at 621, 645 and 662 December. Trends in Kansas City are down. Support is at 636, 628, and 616 December, with resistance at 676, 711, and 725 December. Trends in Minneapolis are not available

RICE
General Comments: Rice closed a little higher yesterday as the overall supply scenario remains tight at home and around the world. Less domestic production this year is reported 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 for US Rice and was moderate to good 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 1755, 1735, and 1710 January and resistance is at 1821, 1832, and 1844 January.

CORN AND OATS
General Comments: Corn was a little higher yesterday on speculative bottom picking and some commercial buying against speculative and fund selling and on reports of good harvest progress amid warm and dry weather. Mexico was a big buyer in cash markets late last week and over the weekend. Trends are mixed to 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. Progress is below normal and the harvest is now 74% complete. Oats were lower and trends are down on the weekly charts.
Overnight News: Mexico bought 315,000 tons of US Corn and South Korea bought 136,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to down . Support is at 442, 436, and 430 December, and resistance is at 470, 478, and 488 December. Trends in Oats are down. Support is at 335, 330, and 327 December, and resistance is at 370, 383, and 405 December.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday on great harvest progress and despite buying from China. Crude Oil futures were sharply lower yesterday and the selling spilled into Soybeans and the products. The weekly chart trends are down in Soybeans and Soybean Meal and are mixed to down in Soybean Oil. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. Lula was elected president of Brazil over the previous 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 88% complete last week. Cooler and dry weather is likely in the north.
Overnight News: Unknown destinations bought 134,000 tons f US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1214, 1194, and 1181 January, and resistance is at 1250, 1262, and 1276 January. Trends in Soybean Meal are down. Support is at 317.00, 314.00, and 311.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6420, 6300, and 6180 December, with resistance at 6740, 6880, and 7010 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on the weakness in outside markets. Weekly trends are mixed. Canola was near unchanged and trends are still generally down on the daily and weekly charts.
Chart Analysis: Trends in Canola are mixed to down. Support is at 775.00, 764.00, and 759.00 January, with resistance at 796.00, 818.00, and 829.00 January. Trends in Palm Oil are mixed to down. Support is at 4580, 4560, and 4500 January, with resistance at 4780, 4\850, and 4890 January.