Grains Report - Friday, Jan. 22

WHEAT        

General CommentsWheat markets were lower once again as funds remained sellers. Funds appear to be liquidating part of their long position and the industry appears to be buying. Futures made the lows early in the session, then rallied most of the day to still close lower. The trade is keeping an eye on Russia for price direction. Russia is raising its export taxes in mid-March and the world market has rallied in response. Northern weather has improved with snow in the Great Plains except for some southern areas that remain dry. Canada is also better, and some rain and snow has fallen in southern Russia. It remains much drier than normal in Argentina.

Overnight News: The southern Great Plains should get isolated or scattered showers. Temperatures should be near to below normal. Northern areas should see scattered to isolated showers. Temperatures will be near to above normal. The Canadian Prairies should see isolated showers. Temperatures should average below normal.

Chart Analysis: Trends in Chicago are mixed. Support is at 653, 638, and 629 March, with resistance at 681, 693, and 699 March. Trends in Kansas City are mixed to up with objectives of 663 and 674 March. Support is at 633, 616, and 602 March, with resistance at 648, 652, and 660 March. Trends in Minneapolis are mixed. Support is at 636, 630, and 618 March, and resistance is at 644, 656, and 662 March.

RICE  

General Comments: Rice was a little higher again yesterday after another choppy session. The futures market has held to a trading range so far this week. The trade is talking up additional domestic demand as did USDA in the reports last week. The cash market has not felt any increased demand lately and mill operations are reported to be on the slow side. Exports have been less in the last week. Exports had been strong until recently. Some traders are looking ahead to next year and are wondering how much Rice will get planted. Our ideas are that a normal crop will get planted as Rice prices compare favorably with Corn, Cotton, and Soybeans.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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