WHEAT
General Comments: Wheat markets were lower on more reports that Polish Wheat was being imported by east coast millers due to price. It is cheaper to buy in Europe and ship the Wheat rather than buy in the US and pay the rail freight. Bad growing conditions and bad planting conditions for Spring Wheat supported futures. The weather is still in focus here and around the world. Scattered showers are being reported in southern areas. Planting of Spring Wheat has been delayed due to wet soils from melting snow and now from reports of dry weather in western production areas of both the US and Canada. Dry conditions are a developing problem in Russia, and especially in the Spring Wheat areas there. Ideas that big Russian offers and cheaper Russian prices would be a feature for a while in the world market was the driving force for the weaker prices, but this could soon change if the Spring Wheat production is not good. Ideas are that both Australia and Russia are harvesting record to near-record Winter Wheat crops this year.
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 mixed. Support is at 594, 590, and 584 July, with resistance at 637, 641, and 664 July. Trends in Kansas City are mixed. Support is at 803, 797, and 792 July, with resistance at 832, 850, and 864 July. Trends in Minneapolis are mixed. Support is at 793, 769, and 762 July, and resistance is at 815, 836, and 853 July.

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RICE
General Comments: Rice closed lower again yesterday on follow-through speculative selling. New crop months were down more as the weather is good for crop development. Old crop offers still seem hard to find right now, but demand has been a problem all year. 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. USDA showed that the next crop is developing fast and that conditions are very good in Rice country.
Overnight News: The Delta should get scattered showers. Temperatures should be near to above normal.
Chart Analysis: Trends are down with no objectives. Support is at 1660, 1649, and 1643 July and resistance is at 1706, 1733, and 1763 July.

CORN AND OATS
General Comments: Corn closed mostly lower, but July Corn and Oats closed higher yesterday. Reports of strong planting progress and good, but dry initial development conditions were important but already part of the price structure. Corn is still finding some support from little US producer selling interest. Most producers are in the fields. Warmer and drier weather for good planting is expected for much of the next week and beyond. US prices are currently very competitive with those from South America as Brazil concentrates on Soybeans exports and not Corn, so the current export sales pace has been disappointing.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 615 and 637 July. Support is at 580, 570, and 562 July, and resistance is at 600, 612, and 618 July. Trends in Oats are mixed to up with objectives of 340 and 373 July. Support is at 326, 322, and 312 July, and resistance is at 347, 352 and 358 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower yesterday and it seemed that the funds and other speculators were happy to sell any rally attempt. Soybean Oil was higher. Planting weather remains very good with little if any precipitation in the forecast for the next week to 10 days. Brazil basis levels are still low and the US is b3eing shut out of the market for most importers. Brazil is still selling a lot of Soybeans to China to feed its Soybeans demand, but Chinese customs is now making delivery of the beans very difficult by delaying entry into the country by about two weeks and the economic news might help keep Chinese imports less than expected. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina. The Argentine crop is now estimated at just 21 million tons. Argentina has been forced to import from Brazil to keeps its crushing facilities operating.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1305, 1300, and 1288 July, and resistance is at 1348, 1360, and 1366 July. Trends in Soybean Meal are down with no objectives. Support is at 4394.00, 388.00, and 382.00 July, and resistance is at 416.00, 422.00, and 425.00 July. Trends in Soybean Oil are mixed. Support is at 4560, 4440, and 4320 July, with resistance at 4900, 5060, and 5090 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today as demand improved on a weaker Ringgit. In Malaysia, April production was 7% less than March at 1.196 million tons. Exports were also down and ending stocks were estimated at 1.597 million tons, down over 10% from last month. Trends are turning down on the daily charts. The weekly continuation charts show that nearest futures are now close to support levels that have held the futures market since September. Canola was lower yesterday. Trends are turning down 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. It is very dry in the Canadian Prairies, and especially in western sections. Scattered showers and rains are in the forecast.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 684.00 July. Support is at 690.00, 686.00, and 682.00 July, with resistance at 710.00, 720.00, and 725.00 July. Trends in Palm Oil are mixed. Support is at 3370, 3310, and 3250 August, with resistance at 3590, 3720, and 3750 August.

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