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.

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.

CORN AND OATS
General Comments: Corn was higher as bad US weather continued and went against weaker demand. The growing conditions in the US are highly variable and not likely to produce trend line yields. It is still too dry in many areas of the west and drier weather is expected in the east. It should stay hot in the west and cool in the east. Ideas are that Brazil Corn production will be less than 90 million tons so reduced production estimates are expected in coming reports. The weekly export sales reports have been less than expected and have created reasons to sell futures. Oats were higher once again. Canadian Oats areas and those in the northern Great Plains remain too hot and dry. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer.
Overnight News:
Chart Analysis: Trends in Corn are mixed.. Support is at 545, 537, and 535 September, and resistance is at 564, 568, and 5972 September. Trends in Oats are up with objectives of 483 September. Support is at 462, 455, and 450 September, and resistance is at 470, 473, and 476 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher as Crude Oil also moved higher. Soybean Meal was a little higher. Soybeans conditions in central production area are often still too wet and have suffered. The weather forecasts changed to drier and cooler and the crop needs dry conditions and some heat . Minnesota and northern Iowa and the Dakotas have been very hot and dry but Iowa got very beneficial rain recently. Forecasts call for warmer weather this week in the western Midwest and northern Great Plains but cooler than normal in the eastern Midwest, and it should generally be dry. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1411, 1391, and 1382 August, and resistance is at 1450, 1480, and 1492 August. Trends in Soybean Meal are mixed. Support is at 355.00, 351.00, and 347.00 August, and resistance is at 361.00, 371.00, and 375.00 August. Trends in Soybean Oil mixed. Support is at 6570, 61440, and 6380 August, with resistance at 6830, 6920, and 7030

CANOLA AND PALM OIL
General Comments: Palm Oil futures were sharply higher on ideas of tight supplies. The private surveyors showed a little less demand for the current month in reports issued this week. Canola closed lower on what was called speculative selling. Trends are still up longer term but are mixed short term and weather concerns continue. It remains generally dry and is turning warmer in the Prairies. The showers last week have a chance to be very beneficial as the Prairies crops are in big trouble now due to previous hot and dry weather.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 856.00, 844.00, and 836.00 November, with resistance at 906.00, 932.00, and 949.00 November. Trends in Palm Oil are up with no objectives . Support is at 4290, 4200, and 4140 October, with resistance at 4480, 4720, and 4780 October.