Grains Report - Friday, Jan. 14

Photo by James Baltz on Unsplash

WHEAT 

General CommentsWheat markets closed lower again yesterday as the weekly export sales report once again showed poor demand.  The USDA reports released Wednesday showed less domestic and export demand and higher than expected ending stocks levels.  The Wheat seedings report showed more than expected planted area, especially for Soft Red Winter.  It remains dry in the western Great Plains with no real relief in sight.  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.  Futures have been moving lower since late November because of the poor export demand and might be finding a bottom now.  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.

Overnight News:  The southern Great Plains should get mostly dry conditions or isolated showers.  Temperatures should average above normal.  Northern areas should see isolated showers. Temperatures will average above normal.  The Canadian Prairies should see mostly dry conditions.  Temperatures should average above normal.

Chart Analysis:  Trends in Chicago are mixed.  Support is at 736, 714, and 697 March, with resistance at 758, 771, and 776 March.  Trends in Kansas City are mixed.  Support is at 755, 751, and 747 March, with resistance at 777, 793, and 808 March.  Trends in Minneapolis are down with objectives of 871 March.  Support is at 892, 888, and 871 March, and resistance is at 915, 933, and 940 March.

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