Grains Report - Friday, Aug. 14

WHEAT
General Comments: Winter Wheat markets were higher in sympathy with the rallies in Corn and Soybeans and on a weaker US Dollar. USDA showed higher world production estimates to go along with higher US production estimates. Russian Wheat is now hitting the domestic market and prices are lower. Production estimates have improved as the harvest has moved into areas that enjoyed better weather. Spring Wheat was developing under good growing conditions in both the US and Canada. Yield reports from the central and southern Great Plains have been variable, but generally a little better than expected. Soft Red Winter yields are high. The Winter Wheat markets are in down trends on the weekly charts. It is still dry in France and Russia and now Spring Wheat areas of Russia are being affected. Russian Winter Wheat yields have improved over time as harvesters move into areas that had better growing conditions. Australia remains in good condition. About half of the Argentine Wheat belt is too dry.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal. Egypt bought 415,000 tons of Russian Wheat
Chart Analysis: Trends in Chicago are mixed. Support is at 486, 471, and 455 September, with resistance at 500, 508, and 515 September. Trends in Kansas City are mixed to up with objectives of 433 and 444 September. Support is at 420, 410, and 404 September, with resistance at 438, 440, and 455 September. Trends in Minneapolis are mixed to up with objectives of 502, 509, and 522 September. Support is at 495, 491, and 486 September, and resistance is at 508, 512, and 520 September.

RICE
General Comments Rice was a little lower in consolidation trading. The USDA reports from Wednesday still were the talk of the trade. USDA showed reduced yield potential for the crop, but also reduced domestic and export demand. Ending stocks were still increased as the average farm price was unchanged. Even so, the market Was able to rally as the trade had anticipated more bearish estimates from USDA. New crop prospects appear solid for increased production in the coming year. The area is larger and the growing conditions are mostly good. The crops are called in good condition in Mississippi, Arkansas, and Missouri. Texas and southern Louisiana field yield reports are strong. Export demand for the new crop Rice has been slow to develop as buyers wait for lower prices.
Overnight News: The Delta should get scattered showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed. Support is at 1166, 1150, and 1146 September, with resistance at 1182, 1191, and 1200 September.

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