WHEAT
General Comments: Wheat markets were higher in all three markets again yesterday on uncertain world weather and Russia once again said that the grain corridor deal with Ukraine would not be renewed. The end of the deal could mean tighter world supplies for importers and could rally prices again. Russia is hoping for higher world prices for its Wheat exports anyway and is trying to set a floor of $240.00 per ton for its export sales. Rains are reported from the southern Great Plains to the Southeast, but the Midwest has for the most part missed any rain chances and the forecast looks dry for the next week or two. The weather is still in focus around the world. Canada has been dry. Dry conditions are a problem in Russia, and especially in the Spring Wheat areas there. Australian production ideas have been fading as El Nino hits the country.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 699, 680, and 669 July, with resistance at 753, 761, and 770 July. Trends in Kansas City are up with no objectives. Support is at 840, 829, and 803 July, with resistance at 903, 912, and 924 July. Trends in Minneapolis are up with objectives of 865, 910 and 913 July. Support is at 851, 838, and 829 July, and resistance is at 902, 912, and 924 July.

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RICE
General Comments: Rice closed a little higher yesterday in consolidation trading. Growing conditions are good for the new crop despite very hot conditions in southern growing areas and the overall new crop price strength has not been good so far. The weather is still good for crop development. Export demand has been uneven. Mills are milling for the domestic market in Arkansas and are bidding for some Rice, but at least some mills say they now have enough bought to last until the harvest of the next crop.
Overnight News: The Delta should get a few showers. Temperatures should be above normal.
Chart Analysis: Trends are down with no objectives. Support is at 1684, 1681, and 1660 July and resistance is at 1800, 1809, and 1832 July.

CORN AND OATS
General Comments: Corn was lower and Oats were higher yesterday as Corn traders reacted to forecasts for some rains this weekend. Demand for US Corn in the world market has been very low. Reports of dry initial development conditions were important. Dry and warmer conditions are in the forecast for the next few days but increasing chances for showers and storms are forecast for the weekend and into next week. Ideas are that the top end of the yield potential is lost but that no serious damage has been done yet. Corn is rolling leaves in central and southern Midwest areas but could be in better condition to the north where there have been a few showers. Corn is still finding some support from little US producer selling interest. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are getting cheaper and Brazil is getting the business.
Overnight News:
Chart Analysis: Trends in Corn are up with no objectives. Support is at 647, 624, and 619 July, and resistance is at 675, 677, and 685 July. Trends in Oats are mixed. Support is at 389, 386, and 373 July, and resistance is at 401, 409 and 412 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed lower yesterday. Growing conditions feature cool but very dry weather. Warmer and wetter conditions are forecast for the weekend and into next week. Ideas are that the top end of the yield potential is gone but severe damage has not been reported yet. Reports indicate that bio fuels demand for Soybean Oil is very strong despite the moves in Washing ton and is pushing domestic demand for Soybeans. Brazil basis levels are still low and the US is being shut out of the market for most importers. Brazil is still selling a lot of Soybeans to China and other countries. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina. Argentina has been forced to import from Brazil to keeps its crushing facilities operating.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1525, 1535, and 1557 July. Support is at 1469, 1460, and 1447 July, and resistance is at 1525, 1541, and 1546 July. Trends in Soybean Meal are up with objectives of 450.00 July. Support is at 425.00, 416.00, and 407.00 July, and resistance is at 442.00, 450.00, and 456.00 July. Trends in Soybean Oil are mixed. Support is at 5410, 5370, and 5220 July, with resistance at 5880, 6020, and 6060 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher yesterday along with price action in Chicago. In Malaysia, May production was 28.6% more than April at 1.1517 million tons. Exports were all down and ending stocks were estimated at 1.597 million tons, down over 10% from last month. Ideas are that demand is generally weak, with China struggling to open its economy and India looking to Sun oil for imports at the expense of other vegetable oils. Canola was mostly higher. Trends are still up on the daily charts. Reports indicate that domestic demand has been strong due to favorable crush margins, but export demand is questioned, especially since the release of the weaker than expected Chinese economic data last week. Scattered showers and rains have been reported so planting and initial growth conditions are good.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 721.00, 713.00, and 701.00 July, with resistance at 763.00, 770.00, and 787.00 July. Trends in Palm Oil are mixed to down with no objectives. Support is at 3430, 3390, and 3300 September, with resistance at 3720, 3800, and 3870 September.

Midwest Weather Forecast: Mostly dry conditions. Temperatures should average near to above normal.

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