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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CORN AND OATS
General Comments: Corn was a little lower. Oats were lower and trends are down on the daily charts. US weather was great for harvesting last week with warm and dry conditions for much of the Midwest. The harvest should be all but over now so weather will have less importance soon. Yield reports have generally been good except for the drought and derecho areas of Iowa. Ukraine has been in drought and central and northern Brazil have also experienced drought. Better conditions are seen din Argentina and far southern Brazil due to rains this week There has been some damage to crops in these areas. The drought is especially serious in South America for the first Corn crop but the second crop could also be affected due to late planting in central and northern Brazil. Dry weather has delayed the Soybeans planting and that will delay the second Corn planting later. Farmers will not plant if it gets too late in the year as the rains will shut off before the crop gets home.
Overnight News: Mexico bought 302,160 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 417, 412, and 404 December, and resistance is at 431, 434, and 437 December. Trends in Oats are down with objectives of 279 and 277 December. Support is at 283, 279, and 278 December, and resistance is at 289, 291, and 295 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were mixed and Soybean Oil was higher. Production potential is being threatened in Brazil due to the lack of rainfall. It is drier again in central Brazil and farther to the north, but conditions are better in far southern Brazil and Argentina. The world will need very strong production from South America to meet the projected demand, but the weather is hurting production ideas. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years. Higher Soybeans prices are likely. There was talk that China had washed out on a couple of sales of Soybeans. China has not appeared in the daily sales announcements from USDA in over three weeks except for one time, but the country was once again a significant buyer in the weekly export sales report. China still needs to buy for crushers but appears to have bought what was necessary for the reserve. The weather in the US is good for any remaining harvest as it was drier last week.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1203 January. Support is at 1174, 1168, and 1162 January, and resistance is at 1200, 1208, and 1220 January. Trends in Soybean Meal are mixed to up with objectives of 405.00 December. Support is at 391.00, 384.00, and 380.00 December, and resistance is at 401.00, 404.00, and 407.00 December. Trends in Soybean Oil are mixed to down with no objectives. Support is at 3790, 3760, and 3720 December, with resistance at 3850, 3930, and 3960 December.

CANOLA AND PALM OIL
General Comments: Palm Oil closed sharply higher on news that India had cut its import duties on the oil. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Chart trends are still up. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. Canola was a little lower. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are still up. Canola farmers have reduced selling by now so demand is chasing after fewer supplies. Harvest in the Prairies is done and yields are reported to be very strong.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 572.00, 564.00, and 560.00 January, with resistance at 587.00, 589.00, and 592.00 January. Trends in Palm Oil are mixed. Support is at 3240, 3220, and 3200 February, with resistance at 3320, 3420, and 3440 February.