Grains Report - Friday, July 30

WHEAT
General Comments: Winter Wheat markets were higher yesterday as the weather market continued. It is still forecast to be hot and dry in the Great Plains and Canadian Prairies for the next couple of weeks. The North Dakota Wheat Tour estimated yields at just 29.1 bushels per acre, from 43.6 bushels per acre average. The market is hearing about too wet weather in China and Europe and dry conditions in southern Russia and Kazakhstan. Europe is expecting top yields as are parts of eastern Europe and northern Russia. It has been very cold in South America and the winter crops are in trouble in Brazil and Paraguay. US White Winter Wheat production is also being hurt by hot and dry weather. World prices might have bottomed and should start to move higher, supporting Wheat futures markets in the US.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see mostly isolated showers. Temperatures will be above normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 690, 672, and 6466 September, with resistance at 718, 724, and 749 September. Trends in Kansas City are mixed. Support is at 658, 649, and 635 September, with resistance at 686, 697, and 700 September. Trends in Minneapolis are mixed. Support is at 917, 8588, and 870 September, and resistance is at 944, 948, and 954 September.

assorted food in sacks

Image Source: Unsplash

RICE
General Comments: Rice closed higher again as traders anticipate weaker production as the harvest gets started in Texas and southern Louisiana. Both areas have been wet and cloudy and average at best yields are expected. Ideas of average yields at best are also heard in Arkansas. The market expects smaller production this year due to reduced planted area and some weather extremes seen through the growing season to date. Growing conditions have been mixed at best with many areas getting too much rain. Rice areas have generally been wet. Export demand has been disappointing and Asian prices are trending lower.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed to up with objectives of 1394 and 1398 September. Support is at 1360, 1344, and 1334 September, with resistance at 1389, 1399, and 1408 September.

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