Grains Report - Friday, July 9

General Comments: Corn was lower on follow through speculative selling. It is generally cool with showers around in the Midwest. Weather forecasts now call for cooler temperatures and generous rains in the Midwest, including in the very dry northwest parts of the belt. However, the northwest will stay generally too dry. It will not be as hot in the Great Plains and western Midwest as it has been. Pollination is coming and it looks like pollination will happen under good conditions. Reports of damaging cold weather in Brazil a week ago supported the market. Temperatures got close to or just below freezing in parts of southern Brazil and on into Paraguay. Temperatures are more moderate now. There are ideas of losses to Corn in these areas, and some ideas are that the losses could be extensive in affected areas. Oats were higher. Canadian Oats areas look to get some rain in the next couple of weeks, but US areas showed mixed conditions in the weekly USDA updates. 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 528, 516, and 505 September, and resistance is at 570, 579, and 588 September. Trends in Oats are mixed. Support is at 366, 362, and 358 September, and resistance is at 382, 384, and 392 September.

General Comments: Soybeans and the products were generally lower in response to the weather forecasts calling for cool and wet conditions. July Soybeans managed to close a little higher on demand ideas. Soybeans conditions in central production area are often too wet and have suffered. The weather forecasts changed to wetter and cooler and the crop needs dry conditions and some heat . Minnesota and northern Iowa and the Dakotas should get very beneficial rain as these areas have been very dry and very warm. Forecasts call for cooler weather this week in the Midwest and northern Great Plains, and it should generally be wet. China has started with new US Soybeans purchases for Fall delivery. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US.
Overnight News: Mexico bought 228,600 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1334, 1316, and 1299 August, and resistance is at 1400, 1408, and 1418 August. Trends in Soybean Meal are mixed. Support is at 355.00, 347.00, and 341.00 August, and resistance is at 367.00, 375.00, and 379.00 August. Trends in Soybean Oil are mixed. Support is at 5900, 5770, and 5460 August, with resistance at 6220, 6560, and 6590 August.

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