WHEAT
General Comments:Wheat markets closed lower yesterday as there was no news out of Ukraine or Russia. The market had given back all of the Ukraine rally already and looks prepared to move lower. The US and Russia are talking and so far no one is escalating the situation but nothing much is getting resolved, either. Ukrainians think and invasion is not likely to happen. A Russian invasion of Ukraine could have a devastating effect on Wheat exports from the Black Sea. It remains dry in the western Great Plains but some precipitation is possible later this week. Ideas had been that the US will have good demand for Wheat as the rest of the northern hemisphere is short production this year but so far demand has been average or less against previous years. Offer volumes are down in Europe. Dry weather in southern Russia as well as the US Great Plains and Canadian Prairies caused a lot less production. The lack of production has reduced the offers and Russia has announced sales quotas. Australian crop quality should be diminished. North Africa is very dry.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should average below normal. Northern areas should see mostly dry conditions. Temperatures will average below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are down with objectives of 718, 711, and 704 March. Support is at 747, 737 and 719 March, with resistance at 761, 778, and 793 March. Trends in Kansas City are down with objectives of 759, 736, and 727 March. Support is at 761, 744, and 732 March, with resistance at 794, 797, and 811 March. Trends in Minneapolis are mixed to down with objectives of 875 and 833 March. Support is at 902, 895, and 885 March, and resistance is at 927, 930, and 945 March.

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RICE
General Comments: Rice closed higher again yesterday and made new highs for the move. Trends have turned up on the daily charts. It has been a demand led market recently. The cash market is showing that domestic mill business is around everywhere. Many producers are not interested in selling but some are selling the current crop and generating some needed revenue. Producer sales are reported to have been way ahead of average early in the marketing year so stocks on hand in first hands are reported to be lower than normal. Mills are showing more interest in the market as previously bought supplies start to run low. The cash market is reported to be relatively strong as prices have held firm and as activity increases.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are up with objectives of 1578 and 1640 March. Support is at 1523, 1500, and 1482 March and resistance is at 1560, 1572, and 1584 March.

CORN AND OATS
General Comments: Corn closed lower yesterday. The markets heard about potential improvement in growing conditions in South America but there have already been estimates of losses to Corn in both Argentina and Brazil,. Central Argentina got the best rains again and the other areas were still dry or got significantly less rain. Showers are now predicted for southern Brazil and the rest of Argentina and Paraguay and the situation there should become more stable. Northern Brazil is expected to be drier to help with conditions there. Ethanol stocks were very high and this implies less Corn demand for ethanol production moving forward.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 615, 611, and 604 March, and resistance is at 642, 648, and 654 March. Trends in Oats are up with objectives of 729, 742, and 794 March. Support is at 694, 677, and 666 March, and resistance is at 736, 739, and 748 March.

SOYBEANS
General Comments: Soybeans closed higher and the products were mixed yesterday as traders continued to deal with news that Brazil private analysts had drastically cut back their production estimate for Soybeans in the states. StoneX has now revised the Brazil production estimate down to 125.6 million tons. They join Ag Rural and Ag Resource Brazil with published estimates in the last week and all have been much lower than before due to the bad growing conditions there. The analysts said that production could be between 125 and 129 million tons but further cuts are possible. The data released by the state ag services in Brazil implies total Brazil production at 125 million tons to 127 million tons according to at least some analysts here in the US. Production ideas at the beginning of the crop season were closer to 150 million tons for Brazil so the cuts are drastic and imply much more demand for US Soybeans down the road. It was also very hot and dry in Argentina until recently and crop losses are reported there. Rains returned to dry soils in South America last week and are likely to continue this week. However, the benefits will be felt mostly in central Argentina and perhaps southern Argentina. Showers are forecast for southern Brazil, Paraguay, and much of Argentina late this week, then forecasts call for hot and dry conditions to develop again until at least the middle of the month. Trends are up on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Soybeans are up with no objectives. Support is at 1497, 1485, and 14475 March, and resistance is at 1566, 1578, and 1590 March. Trends in Soybean Meal are up with no objectives. Support is at 431.00, 420.00, and 409.00 March, and resistance is at 450.00 456.00, and 462.00 March. Trends in Soybean Oil are mixed to up with objectives of 6790 March. Support is at 6370, 6300, and 6180 March, with resistance at 68740, 6860, and 6980 March.

CANOLA AND PALM OIL
General Comments: Palm Oil was lowr on disappointing January exports as noted by the private sources. Demand could improve soon. Indonesia is once again making moves to cut the availability of Palm Oil for export as it seeks to keep more at home for bio fuels purposes. There are still poor production conditions in Malaysia and Indonesia. Traders are mostly worried about demand from India who has been buying Soybean Oil in the US instead of Palm Oil from Malaysia and Indonesia and is also worried about China and its demand for Palm Oil for bio fuels. Production conditions have been very poor and workers are not often in the fields. Canola was a little higher in range trading and is now testing the upper end of the range. Support came from the rally in Chicago and the sharp reduction in Canola production in Canada this year. Chart trends are mixed for the daily charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 1040.00 and 1062.00 March. Support is at 1005.00, 998.00, and 983.00 March, with resistance at 1033.00, 1038.00, and 1040.00 March. Trends in Palm Oil are up with objectives of 5710 March. Support is at 5370, 5290, and 5040 April, with resistance at 5700, 5800, and 5920 April.