Grains Report - Friday, Dec. 4

WHEAT
General Comments: Winter Wheat markets were lower as no new sales to China were announced and as the weekly export sales report showed just average business. There was talk of big Chinese purchases in both Wheat and Corn but nothing confirmed by USDA. World prices have held steady or worked a little higher even with additional supplies available to the market as Russian prices remain elevated. US weather is mixed with good conditions in the majority of the country but still dry conditions in the western Great Plains. Some precipitation was reported in the Great Plains in recent days, but it fell mostly in eastern areas and not in the west. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia conditions are good after some rains. The demand has held well and world prices remain high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be near to above normal. Northern areas should see mostly dry conditions. Temperatures will be near to above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 565 and 531 March. Support is at 574, 568, and 558 March, with resistance at 592, 600, and 608 March. Trends in Kansas City are mixed to down with objectives of 514 and 474 March. Support is at 536, 533, and 528 March, with resistance at 555, 559, and 569 March. Trends in Minneapolis are mixed to down with objectives of 537 March. Support is at 546, 543, and 537 March, and resistance is at 560, 564, and 570 March.

green tractor on green field during daytime

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RICE
General Comments: Rice was lower again on speculative selling. Futures are starting to turn trends down after a sharp move higher a few days ago. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. Export demand has held well despite the higher prices. The harvest is over with good field yields reported. Producers are now doing other things and are not really worried about the market.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are down with objectives of 1204, 1187, and 1175 January. Support is at 1223, 1220, and 1215 January, with resistance at 1246, 1248, and 1256 January.

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