WHEAT:
General Comments: Wheat markets were lower on the weakness in world prices once again. The exception was in Chicago SRW where nearby months were slightly firmer due to forecasts for a lot of rain in the Ohio River Valley. The overall weakness came on the back of weaker world prices. Russia has been lowering its prices in an effort to stimulate sales and to move the old crop Wheat out of storage before the new crop comes in. East and West Europe have weaker prices as well. Support came from the weaker US Dollar. It is possible that Wheat futures are done going down. Finding much upside might be difficult unless the US Dollar keeps moving lower as world prices are still weak.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should average near to above normal. Northern areas should see mostly dry conditions except for some light snow tomorrow. Temperatures will average near to above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with no objectives. Support is at 516, 512, and 506 May, with resistance at 522, 526, and 529 May. Trends in Kansas City are mixed to down with objectives of 439 and 422 May. Support is at 442, 439, and 445 May, with resistance at 456, 459, and 466 May. Trends in Minneapolis are mixed. Support is at 521, 518, and 516 May, and resistance is at 528, 534, and 538 May.

RICE
General Comments: Rice was sharply lower in liquidation trading. Speculators were the best sellers as chart trends turned down. Tight nearby supplies continues to support futures, but the lack of demand is hurting any upside potential. Some producers are selling the next crop and the trade and open interest in the September contract is relatively large for the time of year. More selling from producers of the next crop is expected on any further rally attempts and will spill into the November contract as well. Demand for US Rice remains generally positive and the export sales pace, in general, has been very good.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are down with objectives of 1296 and 1237 May. Support is at 1300, 1278, and 1268 May, with resistance at 1320, 1331, and 1333 May.

DJ Rice Prices Gain on Demand for Indica Rice — Market Talk
0519 GMT – The FAO’s All Rice Price Index rose 1.4% in February due to higher prices of long-grain Indica rice, the United Nations’ Food and Agriculture Organization says in a note. February quotations of Vietnamese 5% broken rice climbed 4.7% last month over January values to their highest level since December 2018, boosted by strong demand from Malaysian and Filipino buyers and a seasonal tightening in availability, it adds. Interest from East African buyers also boosted prices for Pakistani rice, the FAO says. (lucy.craymer@wsj.com)

CORN AND OATS
General Comments: Corn closed lower yesterday on Coronavirus fears and demand concerns. The export sales report showed sales at the low-end of market ideas and there were np real sales to China. Ethanol and other industrial demand has started to improve but faces an uncertain road ahead, in part due to weaker petroleum demand ideas caused by the virus. Export demand remains an open question despite the big sales in the last few weeks and the trade deals consummated in the last couple of weeks with Canada, Mexico, and China.
Overnight News: Unknown destinations bought 211,336 tons o US Corn and Japan bought 234,688 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 381, 376, and 373 May, and resistance is at 387, 389, and 393 May. Trends in Oats are mixed. Support is at 261, 257, and 254 March, and resistance is at 273, 275, and 281 May.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and the products closed lower. A weaker US stock market and worries about demand were reasons for the selling. The weekly export sales report was not strong for Soybeans and showed no trade with China. The sales report was good for the products. It seems like everyone is waiting for the trade deal with China to kick in and for them to buy in quantity. Chinese companies can now apply for tariff exemptions for purchase from the US and are expected to do so this week or soon. There are hopes that China will start to buy in earnest from the US starting very soon. A lot will depend on the price of US Soybeans and those from Brazil and Argentina. Lower prices there will hurt overall demand here, and lower prices are very possible in Brazil. Brazil is harvesting now and yield reports from the field indicate that a bumper crop is coming. Argentina has been dry and has just raised its export tax by 3%. That will push export demand to Brazil and potentially the US. China in the meantime is expected to buy the next crop in the US.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 895, 885, and 878 May, and resistance is at 904, 912, and 917 May. Trends in Soybean Meal are mixed Support is at 303.00, 301.00, and 300.00 May, and resistance is at 308.00, 311.00, and 313.00 May. Trends in Soybean Oil are mixed. Support is at 2920, 2840, and 2810 May, with resistance at 3010, 3040, and 3100 May.

CANOLA AND PALM OIL
General Comments: Canola was higher on follow through speculative buying. Trends are up on the daily charts. Strength in Soybeans help Canola while firmer Soybean Oil and Palm Oil prices were also supportive. The Bank of Canada also dropped its interest rates by 0.5% this week. Palm Oil was lower on speculative selling tied to long liquidation before the weekend.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 475.00 May. Support is at 460.00, 457.00, and 454.00 May, with resistance at 469.00, 470.00, and 473.00 May. Trends in Palm Oil are mixed to up with objectives of 2580 May. Support is at 2470, 2430, and 2380 May, with resistance at 2580, 2620, and 2670 May.

Midwest Weather Forecast: Mostly dry weather. Temperatures should average near to below normal but will turn warm late this weekend.