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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CORN AND OATS
General Comments: Corn closed higher as wet and cold weather is likely for parts of the Midwest. The weekly export sales report showed bad demand. The market is worried about already planted Corn that could be damaged in the next week. Fieldwork is being delayed but it is still early in the season. Chinese demand had been strong until recently and it looks like they need the Corn. Prices inside China for Corn remain extremely high. It is drier in central and parts of northern Brazil, and farmers have finally harvested the Soybeans area and planted the Winter Corn. The Winter Corn crop progress is well behind normal and producers will be afraid of dry weather for the next few months. Argentina is dry again and Corn in Argentina is being harvested. Some showers are in the forecast for the coming weekend. Southern Brazil is also dry. Argentina has sold some Wheat and Corn to Brazil and more sales are likely.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 604, 607, and 614 May. Support is at 584, 566, and 561 May, and resistance is at 602, 608, and 614 May. Trends in Oats are mixed to up with objectives of 391, 409, and 457 May. Support is at 379, 376, and 371 May, and resistance is at 386, 387, and 390 May.

SOYBEANS
General Comments: Soybeans and the products closed higher on ideas that a weaker US Dollar could create inflation and on the cold and wet weather now seen in the Midwest. The current weather will not really permit much early planting progress but there is still plenty of time to get the crops in. Export and domestic demand was less in reports today. USDA showed low export sales and the NOPA crush report was generally below trade expectations. The Brazil harvest had been delayed due to late planting dates early due to dry weather and now too much rain that has caused harvest delays and some quality problems in the north as well. Harvest activities have increased and is almost complete. China has been buying for next year here but now is buying mostly in South America. US internal demand has been strong.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1399, 1378, and 1365 May, and resistance is at 1435, 1446, and 1456 May. Trends in Soybean Meal are mixed. Support is at 395.00, 390.00, and 385.00 May, and resistance is at 406.00, 409.00, and 418.00 May. Trends in Soybean Oil are mixed to up with objectives of 5620, 5900, and 5920 May. Support is at 5410, 5340, and 5090 May, with resistance at 5510, 5570, and 5630 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on the back of the rally in Soybean Oil in Chicago overnight and on reports of increasing export demand for the second half of April. Palm Oil closed higher last week on reports of good demand from the private sources. Ideas of tight supplies are still around although MPOB showed increased ending stocks for the month of March. The production of Palm Oil is down in both Malaysia and Indonesia. Canola was higher on ideas of tight supplies combined with a drought in the Canadian Prairies. It is also very cold in the Prairies. Soybean Oil and Palm Oil were higher. Worries about South American production are supporting both markets.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 840.00 and 878.00 May. Support is at 816.00, 805.00, and 796.00 May, with resistance at 842.00, 848.00, and 854.00 May. Trends in Palm Oil are mixed. Support is at 3540, 3430, and 3360 July, with resistance at 3630, 3720, and 3780 July.