WHEAT
General Comments: Winter Wheat markets were mostly higher as the Winter Wheat harvest expanded north and as the Spring Wheat was developing under good growing conditions. Only HRW futures settled near unchanged. The weather in Europe and Russia caused the rally despite good things happening here. Russian producers are said to be disappointed in the yields and it has been dry in France and Britain. Yield reports from the HRW region of the US have been variable, but generally a little better than expected, so USDA might raise its production estimates nest month. The Winter Wheat markets hold to bearish trends on the weekly charts. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. Australia remains in good condition. Prices usually move lower and remain down through the harvest.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal. China bought 130,000 tons of HRW and 190,000 tons of HRS yesterday.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 506, 494, and 489 September, with resistance at 538, 545, and 555 September. Trends in Kansas City are up with objectives of 470 and 496 September. Support is at 450, 444, and 440 September, with resistance at 464, 468, and 473 September. Trends in Minneapolis are up with objectives of 531 and 547 September. Support is at 524, 515, and 510 September, and resistance is at 531, 538, and 540 September.

RICE
General Comments: Rice was unchanged to a little higher in light volume trading. Futures can continue to generally trade lower as the Texas and southern Louisiana harvests are just a few weeks away and the crops are developing under mostly very good conditions. New crop prospects appear solid for increased production in the coming year. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short old crop Rice. There are ideas that the mills are well covered into new crop, but little Rice is available from producers. The crops that got planted are in very good condition in the south and near the Gulf Coast but planting was more problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain got planted and producers did not plant medium grain if some prevent planting was needed.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1186 September. Support is at 1206, 1203, and 1192 September, with resistance at 1219, 1239, and 1241 September.

CORN AND OATS
General Comments: Corn was a little higher despite forecasts for rains over the next day or two. Futures markets have had hot and dry weather in much of the Midwest this week to support prices, and the weather market is coming as there are some forecasts for hot and dry weather for the next week or two. The ability of futures to hold rallies will depend on how much heat and for how long it stays dry in the Midwest. There have also been problems with demand. Meats processors are back and are aiming to restore 80% to 85% of capacity kill rates in their plants. The backlog of Cattle and Hogs will slowly disappear under this scenario and meats wholesale and retail prices are falling. Ethanol demand is also improving as lock down orders are lifter in most states and in Europe. Demand for gasoline and ethanol has gotten a little stronger and should continue to improve over time.
Overnight News: China bought 1.365 million tons of US Corn yesterday.
Chart Analysis: Trends in Corn are mixed. Support is at 346, 339, and 334 September, and resistance is at 356, 361, and 365 September. Trends in Oats are mixed to down with objectives of 278 and 266 September. Support is at 285, 280, and 279 September, and resistance is at 296, 298, and 301 September.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were a little higher on better than expected export sales and the longer term weather outlooks. No Chinese demand and on forecasts for showers later this week in the US Midwest were the primary negatives. China has become a much more active buyer of Soybeans here in the US and has promised to ramp up purchases in order to comply with commitments it made under the Phase One trade deal. China has remained a very active buyer in South America even as it has increased Soybeans buying here in the US, so the overall amount taken from the US might not match the hopes of the trade. Brazil prices have been creeping higher for the rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US and Argentina for additional supplies. The US weather is considered good for growing Soybeans at this time but forecasts call for hot and dry weather in the next couple of weeks.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with no objectives. Support is at 890, 880, and 872 August, and resistance is at 905, 913, and 915 August. Trends in Soybean Meal are mixed. Support is at 296.00, 292.00, and 290.00 August, and resistance is at 300.00, 305.00, and 310.00 August. Trends in Soybean Oil are mixed. Support is at 2790, 2710, and 2680 August, with resistance at 2890, 2910, and 2980 August.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher on positive data from MPOB. Higher world petroleum prices helped with ideas of increased bio fuels demand. Palm Oil has been hoping for better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Canola was lower on chart based selling and the price action in Chicago. Canola was higher on Chicago price action. The weather has been warmer the past few weeks to promote growth, but there is still too much moisture in some western areas.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 472.00, 470.00, and 468.00 November, with resistance at 484.00, 487.00, and 489.00 November. Trends in Palm Oil are mixed. Support is at 2350, 2340, and 2290 September, with resistance at 2430, 2440, and 2490 September.