Grains Report - Thursday, Sep. 24

WHEAT
General Comments: Wheat was lower in both markets Tuesday and yesterday at the start of the US-China summit 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 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 stay dry but less hot.
Chart Analysis: Trends in Chicago are mixed. Support is at 706, 685, and 677 December, with resistance at 743, 763, and 767 December. Trends in Kansas City are mixed to down. Support is at 747, 730, and 712 December, with resistance at 807, 828, and 858 December. Trends in Minneapolis are not available

RICE
General Comments: Rice closed higher yesterday after a big rally on Monday. 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 mixed to down. Support is at 1550, 1510, and 1465 November and resistance is at 1622, 1634, and 1646 November.

CORN AND OATS
General Comments: Corn was lower Tuesday and yesterday on selling before the start of the US-China summit and despite hopes for positive demand news from the China summit later this week. Some farmer selling was noted. 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 wet weather. Oats were a little higher. The harvest is complete.
Chart Analysis: Trends in Corn are mixed . Support is at 521, 513, and 497 December, and resistance is at 554, 560, and 566 December. Trends in Oats are mixed. Support is at 394, 382, and 377 December, and resistance is at 420, 426, and 432 December.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher Tuesday on hopes for positive demand news from the China summit now underway and on ideas of higher world petroleum prices longer term from the wars. Both markets were lower yesterday. Soybean Oil was lower on both days. 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. There is some concern that El Nono could affect South American Soybeans production this year.
Overnight News: China bought 120,000 tons of US Soybeans.
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 351.00, 345.00, and 341.00 October, and resistance is at 372.00, 3675.00,and 378.00 October. Trends in Soybean Oil are mixed to down. Support is at 6630, 6570, and 6500 October, with resistance at 6900, 7060, and 7170 October.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today. Daily chart trends are down. Canola was lower yesterday and trends are mixed on the daily charts and up on the weekly charts.
Chart Analysis: Trends in Canola are mixed. Support is at 807.00, 793.00, and 780.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed to down. Support is at 4850, 4800, and 4750 December, with resistance at 4950, 5000, and 5050 December.