Grains Report - Friday, April 16

WHEAT
General Comments: Wheat markets were a little higher despite negative weekly export sales and trends are up on the daily charts. Futures rallied on cold weather in the Great Plains. It has been dry but there are forecasts for some precipitation in the next few days. Texas might miss the best precipitation but still should get something important. The weather is currently too cold and dry in the northern Great Plains and in the Canadian Prairies and farmers can’t plant. Some rain and snow has appeared in some forecasts and the northern areas should turn colder. The chart trends are turning up on the weekly charts. Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be variable. Northern areas should see general rains. Temperatures will be near to below normal. The Canadian Prairies should see showers and rains. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are up with objectives of 670 and 709 May. Support is at 644, 637, and 628 May, with resistance at 665, 669, and 672 May. Trends in Kansas City are up with objectives of 614, 648, and 678 May. Support is at 600, 591, and 587 May, with resistance at 610, 620, and 623 May. Trends in Minneapolis are up with objectives of 671 and 690 May. Support is at 658, 650, and 639 May, and resistance is at 668, 674, and 680 May.

RICE
General Comments: Rice was lower on bad export sales and hopes for improved planting weather in Arkansas. Nearby futures remain in a sideways pattern with no reason to move up or down in any big way. USDA has recently issued a tender for milled Rice for Africa. The Rice would be donated to Ivory Coast and Burkina Faso. Export demand was very poor this week. The export demand has been primarily for paddy Rice and not for milled Rice until this week. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to lower last week. New crop Rice is mostly planted in Texas and in Louisiana. Mississippi is underway and Arkansas should be starting.
Overnight News: The Delta should get rains. Temperatures should be below normal.
Chart Analysis: Trends are mixed to down with objectives of 1287, 1264, and 1246 May. Support is at 1300, 1290, and 1283 May, with resistance at 1319, 1330, and 1345 May.

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