WHEAT
General Comments: Wheat was lower in all three markets yesterday despite some positive demand news. The weekly export sales report was good and there have been a lot of sales into North Africa this week from Russia and Europe. US harvest progress and ideas of good yields and crops went against reports of hot and dry weather in eastern Europe and Russia and too wet weather in France are still heard and the weather there affecting world production estimates. There were more reports of hot temperatures coming this week to Russian growing areas. It has also been very dry there. Eastern Europe is also hot and dry. Western Europe has seen too much rain.
Overnight News:
Chart Analysis: Trends in Chicago are down with objectives of 525 and 489 September. Support is at 526, 520, and 514 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are down with objectives of 535 and 507 September. Support is at 546, 540, and 534 September, with resistance at 568, 590, and 601 September. Trends in Minneapolis are down with objectives of 575 and 541 September. Support is at 572, 566, and 560 September, and resistance is at 598, 603, and 61-0 September.

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RICE
General Comments: Rice closed lower on follow through selling as futures continued to reflect mostly good growing conditions and increased planted area. Hurricane Beryl has brought beneficial rains to Arkansas and other parts of the Delta. The US weather has been an issue much of the growing season with too much rain early in the year. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall.
Overnight News:
Chart Analysis: Trends are down with objectives of 1419 and 1382 September. Support is at 1427, 1422, and 1412 September and resistance is at 1456, 1471, and 1489 September

CORN AND OATS
General Comments: Corn closed lower and Oats closed higher. The weekly export sales report showed moderate sales. Selling was based based on ideas that future reflected big yield potential amid good growing conditions seen in the Midwest. Current forecasts call for cooler and drier weather for the Midwest this week. Northern areas such as southern Minnesota that have had way too much rain and flooding is still reported. Some selling came from reduced demand ideas.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 388, 385, and 382 September, and resistance is at 403, 412, and 426 September. Trends in Oats are mixed. Support is at 301, 296, and 290 September, and resistance is at 332, 338, and 350 September

SOYBEAN
General Comments: Soybeans and Soybean Meal closed higher yesterday as the weather improved and demand did not. Soybean Oil closed lower. Demand news was strong for both Soybeans and Soybean Meal with big sales announced on the daily system. The weekly export sales report showed new sales to China and this was positive as well. There was more beneficial precipitation in much of the Midwest over the weekend and again yesterday. Some selling came from reduced demand ideas. Reports indicate that China remains an active buyer of Soybeans in Brazil. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil.
Overnight News: Unknown destinations bought 105,000 tons of US Soybean Meal
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1068, 1056, and 1044 August, and resistance is at 1102, 1130, and 1151 August. Trends in Soybean Meal are down with objectives of 318.00 August. Support is at 331.00, 329.00, and 326.00 August, and resistance is at 341.00, 344.00, and 351.00 August. Trends in Soybean Oil are up with objectives of 4660 and 4890 August. Support is at 3910, 3840, and 3790 August, with resistance at 3960, 4000, and 6050 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on apparent short covering and new speculative buying even with ideas of increasing supplies. Reports indicate that production is rising as well. Export demand has been very strong in recent private reports but has been weaker in recent days. There is talk of increased supplies available to the market, and the trends are down on the daily charts. Canola was higher yesterday and trends started to turn up as oilseed supplies look to be ample in the coming year and as demand ideas are down. The weather has called for dry conditions ion the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 669.00 and 702.00 November. Support is at 636.00, 627.00, and 618.00 November, with resistance at 664.00, 673.00, and 680.00 November. Trends in Palm Oil are mixed. Support is at 3820, 3790, and 3770 October, with resistance at 3980, 4040, and 4100 October.

Midwest Weather Forecast Mostly dry. Temperatures should average below normal.

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