WHEAT
General Comments: The markets were higher on what appeared to be no selling interest. World Wheat demand has been strong, but there has not been much demand in world markets for US Wheat. Tensions remined high between Ukraine, the US, and Russia. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of steady to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 528, 522, and 516 March, with resistance at 550, 554, and 561 March. Trends in Kansas City are mixed. Support is at 541, 535, and 528 March, with resistance at 557, 566, and 571 March. Trends in Minneapolis are mixed. Support is at 579, 572, and 566 March, and resistance is at 602, 606, and 6 March.

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RICE
General Comments: Rice closed lower yesterday in some light volume speculative selling after making a major new leg down on the daily charts last week. Commercials and speculators seemed to be on both sides of the market, but speculators seemed to be the better sellers. The trends are down on the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong and well above US prices, but the difference is now less to world buyers as the Real is much lower against the US Dollar.
Overnight News:
Chart Analysis: Trends are down. Support is at 1389, 1369, and 1356 January and resistance is at 1439, 1457, and 1486 January.

CORN AND OATS
General Comments: Corn closed higher yesterday on some new buying and no selling interest. There were no new export sales announcements from USDA. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here in January. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff at a later date. Sellers were hard to find with most producers still on holiday break. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 448, 441, and 436 March, and resistance is at 458, 464, and 470 March. Trends in Oats are mixed. Support is at 324, 320, and 313 March, and resistance is at 339, 350, and 356 March.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed higher on Tuesday and Soybean Oil was lower. It seemed that there was no selling interest in futures yesterday. Supplies are very large now and look to get even bigger with the coming South American harvest. Talk that President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers have planted what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest this year has hurt US production ideas due to ideas of small and very dry beans in the pods. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose. Even so, supplies are very large and ending stocks projections for the USDA WASDE reports are a burden for prices.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 945, 938, and 926 January, and resistance is at 989, 1003, and 1014 January. Trends in Soybean Meal are mixed to up. Support is at 294.00, 289.00, and 285.00 January, and resistance is at 310.00, 312.00, and 319.00 January. Trends in Soybean Oil are mixed to down. Support is at 3880, 3780, and 3720 January, with resistance at 4100, 4200, and 4350 January.

PALM OIL AND CANOLA
General Comments: Palm Oil was a little lower today. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher. The charts show that a low has been completed and a new uptrend could be underway. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 612.00, 600.00, and 584.00 January, with resistance at 626.00, 633.00, and 643.00 January. Trends in Palm Oil are mixed to down. Support is at 4290, 4170, and 4070 March, with resistance at 4570, 4650, and 4770 March.

Midwest Weather Forecast Light and scattered precipitation. Temperatures should average above normal.

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