Grains Report: Wheat And Rice Prices Rose, Corn Fell

WHEAT
General Comments: Wheat was higher in both markets 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. 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 628, 616, and 610 December, with resistance at 676, 711, and 725 December. Trends in Minneapolis are not available

RICE
General Comments: Rice closed a little higher yesterday. 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 1844, 1856, and 1868 January.

CORN AND OATS
General Comments: Corn was lower yesterday on speculative selling and on reports of good harvest progress amid cool and dry weather. There is moderating weather in the western and southern Midwest with mostly wet 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. Progress is below normal and the harvest is now 81% complete. Oats were lower and trends are down on the weekly charts.
Chart Analysis: Trends in Corn are mixed . Support is at 436, 430, and 424 December, and resistance is at 470, 478, and 488 December. Trends in Oats are mixed. 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 mostly higher yesterday on follow through buying and as the US harvest is wrapping up. 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 92% complete last week. Cooler and wett weather is likely in the north.
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1210, 1184, and 1172 January, and resistance is at 1250, 1262, and 1276 January. Trends in Soybean Meal are down. Support is at 314.00, 311.00, and 308.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6300, 6180, and 6060 December, with resistance at 6740, 6880, and 7010 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today. Canola was near unchanged and trends are mixed on the daily 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.