WHEAT
General Comments: Wheat markets closed higher on follow through buying but forecasts for improved growing conditions at home and abroad are still around. There are still reports that cold weather had created frosts in Ukraine and Russia and reports of dry weather in some parts of the EU and China, but these are forecast to change in the short term. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry and cold. Some rain was seen in the northern Great Plains last week and wetter and warmer conditions are now forecast. Chart trends are turning down. Overall demand for world Wheat has been weak.
Chart Analysis: Trends in Chicago are mixed to down Support is at 520, 506 and 500 July, with resistance at 545, 556, and 561 July. Trends in Kansas City are mixed to down. Support is at 514, 500, and 494 July, with resistance at 548, 557, and 563 July. Trends in Minneapolis are mixed. Support is at 596, 590, and 582 July, and resistance is at 617, 621, and 627 July.

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RICE
General Comments: Rice was a little lower and chart trends remain up on the weekly charts. The trends are up on the daily charts. The cash market has been slow with mostly quiet domestic markets and average export demand. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is planted in most growing areas now. Condition has been rated as good so far by private sources and USDA.
Chart Analysis: Trends are up. Support is at 1319, 1282, and 1261 July and resistance is at 1350, 1369, and 1402 July.

CORN AND OATS
General Comments: Corn was lower yesterday, with forecasts for improved growing conditions in the Midwest next week the main reason for the selling. Warmer and drier weather is in the forecast for next week after a cold week this week. Demand for Corn in world markets remains strong with sales and shipments of above 1.1 million tons in the latest reporting week. Oats were higher.
Overnight News: Unknown destinations bought 210,560 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 443, 437, and 434 July, and resistance is at 456, 465, and 470 July. Trends in Oats are mixed. Support is at 348, 341, and 336 July, and resistance is at 378, 384, and 390 July.

SOYBEANS
General Comments: Soybeans were mixed yesterday on forecasts for good growing conditions in the Midwest next week. Soybean Meal was higher and Soybean Oil was lower as it is now doubtful that the biofuels allocations will be released today or early next week. The market could remain under pressure as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Warmer temperatures and drier conditions are expected next week after a cold and wet week this week.
Analysis: Trends in Soybeans are mixed. Support is at 1040, 1037, and 1028 July, and resistance is at 1082, 1088, and 1105 July. Trends in Soybean Meal are mixed. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are mixed. Support is at 4770, 4730, and 4610 July, with resistance at 5030, 5110, and 5260 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower yesterday on long liquidation from speculators. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing production and reduced demand are also heard. The Ringgit was stronger to help limit gains. Chart trends are down. Canola was higher again. Trends are up on the daily charts and on the weekly charts. The weather has generally been good for planting and crop development in the Prairies.
Chart Analysis: Trends in Canola are mixed to up. Support is at 699.00, 686.00, and 680.00 July, with resistance at 735.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3770, 3710, and 3650 August, with resistance at 3990, 4040, and 4130 August.

Midwest Weather Forecast Mostzly dry. Temperatures should average near to above normal.

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