Grains Report - Friday, July 24

WHEAT
General Comments: Winter Wheat markets were lower on weaker demand ideas against a growing supply. The Winter Wheat harvest is starting to get complete. Spring Wheat was developing under good growing conditions and futures prices closed lower. All markets felt selling pressure from reports of improving yields in Europe and especially Russia. The yields had been poor but have improved as combines have moved into growing areas that developed under better conditions. Yield reports from the central and southern Great Plains have been variable, but generally a little better than expected. Soft Red Winter yields are expected to be high. Australia remains in good condition and is getting beneficial rains.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above 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.
Chart Analysis: Trends in Chicago are mixed. Support is at 517, 494, and 489 September, with resistance at 540, 552, and 564 September. Trends in Kansas City are mixed. Support is at 431, 424, and 418 September, with resistance at 454, 464, and 468 September. Trends in Minneapolis are mixed. Support is at 510, 508, and 500 September, and resistance is at 518, 520, and 528 September.

RICE
General Comments: Rice was little changed in very quiet trading as a tropical storm has formed and is aimed at the Louisiana and Texas coasts. The Rice harvest is getting started in southern areas, but the tropical system could impact parts of southern Louisiana and Texas at the end of the week. New crop prospects appear solid for increased production in the coming year. The area is larger and the growing conditions are mostly good. 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 covered into new crop, but little Rice is available from producers. The crops that got planted are called in good condition now in Mississippi, Arkansas, and Missouri. Early harvest activities are reported in Texas and southern Louisiana and early field yield reports are very good.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to up with objectives of 1201 and 12222 September. Support is at 1176, 1170, and 1167 September, with resistance at 1190, 1210, and 1213 September.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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