Grains Report - Friday, Nov. 27

WHEAT
General Comments: Winter Wheat markets were lower on what appeared to be speculative selling as world market prices held at higher levels. Futures held support at recent lows, but Winter Wheat markets did post outside days down on the daily charts. Australian supplies have also increased with its harvest mow complete, nut the increased offers have done little to dent the world price. US weather is mixed with good conditions in the majority of the country but still dry conditions in the western Great Plains. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia conditions are improving after some recent rains. The demand has held well and world prices remain high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will be near to above normal. The Canadian Prairies should see scattered snow showers. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 587, 580, and 576 December, with resistance at 598, 604, and 613 December. Trends in Kansas City are mixed. Support is at 555, 542, and 538 December, with resistance at 562, 569, and 581 December. Trends in Minneapolis are mixed. Support is at 540, 534, and 530 December, and resistance is at 550, 557, and 561 December.

RICE
General Comments: Rice closed lower after another quiet session. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over in northern states with good field yields reported. Southern Louisiana and Texas are almost done harvesting the second crop and yield reports have been good. Quality is said to be very good everywhere.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1236, 1223, and 1220 January, with resistance at 1250, 1257, and 1262 January.

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