Grains Report - Wednesday, Oct. 7

WHEAT
General Comments: Wheat was higher in both market again yesterday on follow through speculative buying. The small grains production report showed stronger than expected production but the quarterly stocks report came in line with trade expectations implying better than expected demand. Production was estimated at 1.533 billion bushels for All Wheat, above trade estimates of 1.527 billion. The quarterly stocks estimates were in line with trade estimates at 1.845 billion bushels. 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 is 36% complete and is now 16% 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 big rains in southern areas.
Chart Analysis: Trends in Chicago are mixed. Support is at 671, 665, and 645 December, with resistance at 711, 730 and 736 December. Trends in Kansas City are mixed. Support is at 729, 712, and 693 December, with resistance at 780, 800, and 807 December. Trends in Minneapolis are not available

RICE
General Comments: Rice closed a little higher yesterday. 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 80% 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 mixed on the daily charts and are up on the weekly charts,
Chart Analysis: Trends are mixed. Support is at 1609, 1565, and 1550 November and resistance is at 1670, 1699, and 1712 November.

CORN AND OATS
General Comments: Corn was higher yesterday in recovery trading tied to the deterioration showing in the reports released on Monday after a couple of days of selling tied to the quarterly stocks report that showed higher than expected stocks at 2.095 billion bushels. Trends are mixed on the daily charts. There is moderating weather in the western and southern Midwest with a lot of rain in the forecast mostly in the west this week. Harvest has been active in some 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 some wet weather in the Midwest this week. The crop conditions were lower from last week and below aa year ago. Progress is about normal and the harvest is now 83% mature and 23% complete Temperatures in the Midwest should be cooler this week amid mostly dry weather. Big rains are likely in the south. Oats were higher.
Chart Analysis: Trends in Corn are down . Support is at 492, 481, and 471 December, and resistance is at 529, 534, and 544 December. Trends in Oats are up. Support is at 418, 406, and 403 December, and resistance is at 435, 440, and 446 December.

SOYBEANS
General Comments: Soybeans and the products were higher yesterday as the quarterly stocks report was considered positive for prices last week and as the crop conditions deteriorated in the reports released on Monday. Stocks were estimated at 315 billion bushels. China is expected to buy more cargoes of US Soybeans before the US-China summit meetings in the coming weeks but the tariffs will remain high. The harvest is now 25% complete. Rain is expected this week in the south and cool and dry weather is likely in the north. Condition is below a year ago and slightly from the previous week. Cooler temperatures are expected for the next week in the Midwest. There is some concern that El Nono could affect South American Soybeans production this year. reduced
Analysis: Trends in Soybeans are mixed. Support is at 1273, 1256, and 1244 November, and resistance is at 1335, 1348, and 1360 September. Trends in Soybean Meal are down. Support is at 345.00, 343.00, and 337.00 December, and resistance is at 356.00, 368.00,and 374.00 December. Trends in Soybean Oil are mixed to up. Support is at 6790, 6660, and 6600 December, with resistance at 7070, 7170, and 7220 December.

PALM OIL AND CANOLA
General Comments: Palm Oil closed lower today. Daily chart trends are down. Canola was higher yesterday and trends are mixed on the daily charts.
Chart Analysis: Trends in Canola are mixed. Support is at 805.00, 793.00, and 782.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed. Support is at 4480, 4420, and 4360 December, with resistance at 4800, 4890, and 4960 December.