WHEAT
General Comments: All three markets closed higher on relaxation of the tariffs and good weekly export sales. Trump has allowed auto makers to avoid the tariffs for now and there are ideas that more industries will be exempted for at least a month or so. There are now somewhat reduced fears that the US is entering a recession. Growing conditions ar3e dry around the world and in the US Great Plains. The fears of a US recession are the consequence of the Trump economic and political policies. Republicans are trying to mask the threat by taking the government losses out of the GDP, but the consumer confidence is waning and could become a source of real harm to the economy. The president is slated to make a speech to congress tonight and will try to revive support of his programs that are becoming very unpopular. It will be interesting and instructive to hear the reaction to the speech as it could directly affect agriculture.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 551, 530, and 524 May, with resistance at 563, 573, and 573 May. Trends in Kansas City are mixed. Support is at 561, 540, and 534 May, with resistance at 582, 600, and 610 May. Trends in Minneapolis are mixed. Support is at 592, 576, and 570 May, and resistance is at 598, 609, and 620 May.

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RICE
General Comments: Rice closed lower yesterday after trading to new lows for the move earlier in the session. It appears to be a delayed reaction to the tariff threat on rice moving to Mexico. Prices remain cheap and could threaten planted area. Export sales have not been strong, and domestic demand is there but is not strong enough right now to bid prices much higher. The trends are still down the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong, but the difference is gone to world buyers as the Real is much lower against the US Dollar
Overnight News:
Chart Analysis: Trends are down. Support is at 1296, 1284 and 1272 May and resistance is at 1348, 1371, and 1386 May.

CORN AND OATS
General Comments: Corn closed higher on some reports that the tariffs have been eased for at least some industries and especially the auto industry. The weekly export sales report was considered positive given the current political environment. Scattered showers and more general rains are in the Midwest forecast for today. The rains will help preserve strong yield potential although more will be needed soon. The overall market fundamentals are turning bearish. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime. President Trump has announced that new tariffs are being imposed as of Tuesday on goods and services and some buyers may have made purchases already to avoid the potential for the tariff later. The US is also the major supplier to the world of Corn right now so the sales could hold relatively strong even with trade wars possible. Prices are cheap so it will get harder for Corn buyers to convince farmers to sell. Oats were lower as import tariffs were imposed on imports from Canada on Tuesday.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 459, 442, and 434 May, and resistance is at 482, 492, and 505 May. Trends in Oats are up. Support is at 371, 364, and 359 May, and resistance is at 391, 400, and 412 May.

SOYBEANS
General Comments: Soybeans and the products closed higher in relief buying on reports that the tariffs imposed by Trump might be relaxed for auto makers. Futures have been hit hard in part on the tariffs and in part response to the big crops hitting the market from Brazil and as the tariffs were imposed on our largest customers on the export front yesterday. The tariffs have caused retaliation from our buyers and could hurt demand, especially from China and Canada. Consumer confidence is down and there are increasing worries that the US could be headed into a recession that could hurt domestic demand. The fundamentals remain mixed to bearish.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 2024, 990 and 980 May, and resistance is at 1041, 1051, and 1055 May. Trends in Soybean Meal are down. Support is at 291.00, 285.00, and 280.00 May, and resistance is at 308.00, 315.00, and 319.00 May. Trends in Soybean Oil are down. Support is at 4140, 4080, and 3990 May, with resistance at 4450, 4460, and 4530 May.

PALM OIL AND CANOLA
General Comments: Palm Oil closed higher today. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher along with Chicago. The demand outlook is uncertain with the threat of US tariffs being impos3d yesterday.
Overnight News:
Chart Analysis: Trends in Canola are down. Support is at 616.00, 600.00, and 590.00 May, with resistance at 652.00, 657.00, and 673.00 May. Trends in Palm Oil are mixed to down. Support is at 4370, 4350, and 4290 May, with resistance at 4500, 4550, and 4620 May.

Midwest Weather Forecast: Light snow. Temperatures should average below normal.

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