Grains Report - Friday, March 5

WHEAT        

General CommentsWheat markets were lower but held the trading range for one more day. Chart trends are mostly mixed again. The weekly export sales report yesterday showed poor sales. Ideas are that forecasts for rain in the Great Plains will help injured Winter Wheat. The threat of Winterkill production losses in the western Great Plains now appears to be part of the price. Temperatures dropped below 0F in many areas and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold.

Overnight News:The southern Great Plains should get mostly dry conditions. Temperatures should be near to above normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average above normal.

Chart Analysis:Trends in Chicago are mixed. Support is at 646, 642, and 637 May, with resistance at 669, 672, and 680 May. Trends in Kansas City are mixed to down with objectives of 622 and 601 May. Support is at 620, 616, and 608 May, with resistance at 640, 645, and 652 May. Trends in Minneapolis are mixed. Support is at 631, 628, and 625 May, and resistance is at 650, 659, and 662 May.

variety of assorted-color beans

Image Source: Unsplash

RICE  

General Comments: Rice was lower as the commercial short covering dried up and speculative selling was noted. Trends are still up on the daily charts. The weekly export sales report was moderately strong. The cash market has not felt any increased demand lately and mill operations are reported to be on the slow side. Exports were moderate last week. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to firm last week.

Overnight News:  The Delta should get mostly dry conditions. Temperatures should be near to below normal.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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