WHEAT
General Comments: Wheat markets were lower again in response to new concerns about the economic health pf the US and around the world The charts show that futures closed a gap on the charts from the beginning of the week and then closed above the gap, so some buying might be possible today. The USDA crop reports on Monday showed deteriorating crop conditions for US Wheat and the Kansas Crop Tour going on this week is confirming the bad growing conditions and poor yield prospects. India has exempted Egypt from the ban and will honor previous commitments. It had been expected to offer up to 12 million tons to the world market. Ukraine exports were reduced due to the war and the trade is hoping for improved production in the EU to make up the difference. USDA reduced production estimates for Hard Red Winter Wheat in the US last week due to the hot and dry conditions in the western Great Plains and reduced Spring Wheat production estimates due to delayed planting.
Overnight News: The southern Great Plains should get isolated showers or dry conditions. Temperatures should average above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see isolated showers in western areas. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 1143, 1107, and 1083 July, with resistance at 1247, 1284, and 1296 July. Trends in Kansas City are mixed. Support is at 1278, 1259, and 1200 July, with resistance at 1379, 1392, and 1404 July. Trends in Minneapolis are mixed. Support is at 1310, 1249, and 1235 July, and resistance is at 1412, 1424, and 1436 July.
 

Stock photos by Vecteezy

RICE
General Comments: Rice was higher as the US stock market started to hold and as Crude Oil worked higher. The planting pace is thought to be catching up to normal, but acreage estimates are still down for the next crop. Some traders note that it will be difficult to move Rice at current price levels and they are worried about domestic and export demand moving forward. It is hot and dry in India and it is possible that Rice production will be affected. Rice is a highly political grain for India and the government goes out of its way to subsidize the crop production and support Rice farmers. It usually allows for export prices to fall and often sells it Rice internationally at below costs of production. Prices could rally significantly in the world market if India can’t export.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1672, 1661, and 1658 July and resistance is at 1736, 1749, and 1782 July.

CORN AND OATS:
General Comments: Corn closed mixed, with July a little higher but new crop months lower on ideas that farmers are making rapid progress in getting Corn planted. The weather has been variable this week with periods of rain and then warm and dry conditions. USDA showed much-improved planting progress on Monday and forecasts call for better planting weather into next week. Many think the top end of the yield has been taken off the Corn crop due to the delayed planting. It already thinks there is reduced planted area because of the March planning intentions reports from USDA and the bad planting weather. The potential loss of Ukraine exports of Corn makes the world situation tighter. China has a Covid outbreak and has closed some cities and some ports in response.


Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 773, 769, and 753 July, and resistance is at 797, 810, and 814 July. Trends in Oats are mixed to up with objectives of 668 and 729 July Support is at 6122, 592, and 586 July, and resistance is at 659, 672, and 685 July.
 

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher as the US cash market needs some sales from producers. Soyb4ean Oil was lowr in response to news that Inonesia will allow exports of Palm Oil again starting Monday. There are still fears of a cooling economy and forecasts for much improved planting weather this week. Soybean Oil remains well supported as demand is holding strong amid very tight supplies of vegetable oils here and around the world. There are still worries about Chinese demand because of Covid lockdowns there. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America. They are buying for this year and already have booked a large amount of new crop Soybeans to cover future needs. Most of the current buying is for next year. Ideas are that the Chinese economy could slow down due to the Covid lockdowns there and cause the country to purchase less Soybeans in the world market.
Overnight News
Chart Analysis: Trends in Soybeans are mixed to up with no objectives. Support is at 1645, 1640, and 1629 July, and resistance is at 1700, 1734, and 1741 July. Trends in Soybean Meal are up with objectives of 430.00, 432.00, and 442.00 July. Support is at 418.00, 408.00, and 406.00 July, and resistance is at 436.00 439.00, and 441.00 July. Trends in Soybean Oil are mixed to down with objectives of 7500 and 6950 July. Support is at 7860, 7700, and 7360 July, with resistance at 8250, 8460, and 8680 July.
 

CANOLA AND PALM OIL
General Comments: Palm Oil was higher as Indonesia once again imposed a domestic sales policy on the market. The government is now imposing a domestic reserve on exporters. Some analysts think Palm Oil is topping out anyway due to reduced demand ideas. Hopes for better demand from India keep the market supported. A new Covid outbreak is reported in China and cities and infrastructure has been shut down, including some airports and water ports. The economy could slow down and affect demand. Production from Malaysia is expected to increase as well as the Covid lockdowns finally go away and as the weather is good for production. Canola was lower yesterday along with Chicago and Malaysia. Trends turned up on the daily charts on Friday. It is reported to be very dry and has been cold for planting but better planting weather is coming now. StatsCan said that Canadian farmers intend to reduce planted area for Canola this year and use the area to plant Wheat instead. There are ideas of reduced Sunflower export potential from Russia and Ukraine. The market is worried about South American production as well. Canada produced a very short crop of Canola last year so supplies are tight.


Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 1129.00, 1126.00, and 1122.00 July, with resistance at 1167.00, 1186.00, and 1214.00 July. Trends in Palm Oil are mixed to down with objectives of 5670 and 5340 August. Support is at 5840, 5780, and 5640 August, with resistance at 6130, 6340, and 6510 August.