WHEAT
General Comments: All three markets closed a little higher yesterday in recovery trading despite weekly export sales cancellations and as the weather for growing crops improved with more reports of and forecasts for showers in western growing areas. Rain has become much less in the southern Midwest and Mid South. Chart trends are mixed in Winter Wheat markets and in Minneapolis. Traders keep talking about a tight market as a reason to support prices, but enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Great Plains and Black Sea regions are still the main feature. Overall demand has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 521, 518, and 512 May, with resistance at 537, 548, and 556 May. Trends in Kansas City are down. Support is at 530, 524, and 518 May, with resistance at 548, 556, and 5s69 May. Trends in Minneapolis are mixed to down. Support is at 578, 573, and 567 May, and resistance is at 597, 604, and 613 May.

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RICE
General Comments: Rice closed a little lower again yesterday on follow through selling. Prices remain cheap and could threaten the planted area as it will cost more to produce Rice than it is getting in the market right now. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is planted in southern growing areas now and is about half done farther to the north.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1294, 1284, and 1272 May and resistance is at 1323, 1338, and 1359 May.

CORN AND OATS
General Comments: Corn closed higher yesterday and the weekly export sales report was strong once again as demand for US Corn mains strong. The market also reacted to better planting weather in the Midwest and the latest in the economic wars and as Trump tried to bring down the temperature on the tariffs and the Fed. Demand for Corn in domestic and world markets remains strong with sales of above 1.0 million tons in the latest reporting week. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are too wet. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week. Oats were mixed to lower and the trends are mixed in this market.
Overnight News: Mexico bought 235,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up. Support is at 470, 461, and 454 May, and resistance is at 481, 492, and 500 May. Trends in Oats are mixed. Support is at 349, 339, and 335 May, and resistance is at 362, 367, and 371 May.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher, and Soybean Meal closed a little lower yesterday as the market reacted to news of better demand due to high Brazil FOB premiums as well as the news from the president that the US could potentially greatly reduce tariffs on China. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were higher as the weather remains too wet to the east and south and too dry to the west. Warmer temperatures are expected through this weekend.
Overnight News
Analysis: Trends in Soybeans are up Support is at 1028, 1011, and 991 May, and resistance is at 1055, 1067, and 1073 May. Trends in Soybean Meal are up. Support is at 289.00, 286.00, and 280.00 May, and resistance is at 295.00, 299.00, and 302.00 May. Trends in Soybean Oil are mixed to up. Support is at 4740, 4580, and 4440 May, with resistance at 6040, 5100, and 5150 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things, but supplies are expected to increase soon. Demand ideas are weaker. Chart trends are mixed. Canola was a little higher yesterday and traded at new highs for the move. Trends are still mixed to up on the daily charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. Canada will not be exempted by the 90 day pause.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 680.00, 674.00, and 655.00 May, with resistance at 696.00, 702.00, and 708.00 May. Trends in Palm Oil are mixed. Support is at 4010, 3910, and 3790 June, with resistance at 4130, 4230, and 4280 June.

Midwest Weather Forecast Mostly dry conditions. Temperatures should average near to above normal.

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