Grains Report - Friday, July 9

WHEAT
General Comments: Winter Wheat markets were mixed yesterday and Minneapolis Spring Wheat was a little lower as the Winter Wheat harvest continues. Yield reports have generally been good in Winter Wheat areas. Minneapolis was lower despite forecasts of reduced rainfall for the Dakotas. Trends are mixed on the daily charts for the Winter Wheat markets. Winter Wheat yield reports are strong, so the supply will likely be good once the harvest is complete. There have been some rains in the region to keep the harvest pressure on the slow side but the quality seems good. However, the Spring Wheat situation is different and a short crop is increasingly likely. There are ideas that the coming rains will not help much as they are late. It will turn cooler but will heat up again after a week. The dry and hot weather seen to date have produced very low crop condition ratings and conditions are not expected to improve much if at all in coming weeks.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see mostly dry conditions. Temperatures will be near normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 586 and 524 September. Support is at 616, 610, and 594 September, with resistance at 638, 645, and 648 September. Trends in Kansas City are mixed to down with objectives of 575 September. Support is at 578, 568, and 562 September, with resistance at 608, 613, and 628 September. Trends in Minneapolis are mixed to down with objectives f 762 and 698 September. Support is at 796, 779, and 757 September, and resistance is at 820, 827, and 835 September.

selective focus photo of plant

Image Source: Unsplash

RICE
General Comments: Rice closed lower again as the longs continue to liquidate due to good crop conditions and higher than expected USDA plantings estimates. The crop overall appears to be in good shape. Growing conditions have been mixed at best with many areas getting too much rain. Rice areas have generally been wet. Louisiana and parts of Mississippi were saturated and are still reported to be wetter than desired for strong production and good quality. Some big storms are in the forecast for the rest of the week. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. However, it is still very wet in Arkansas and farmer progress has been limited for the last couple of weeks. Texas has been wet.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed to down with objectives of 1272 and 1204 September. Support is at 1275, 1256, and 1250 September, with resistance at 1311, 1331, and 1340 September.

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