WHEAT
General Comments: Wheat closed on speculative selling and on new worries about world demand amid world economic problems. Ideas that the US will have good demand for Wheat as the rest of the northern hemisphere is short production this year. The US and Canada have reduced production this year and so do most exporters around the world. Production is less this year in Russia and internal prices have been strong. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the weather has become old news. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. Siberian Spring Wheat conditions have been very good. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields. European quality is a problem due to too much rain in some areas and not enough in others. Speculators keep talking about inflation and are buying commodities for an inflation trade.
Overnight News: The southern Great Plains should get mostly dry conditions or isolated showers. Temperatures should trend from below to above normal. Northern areas should see isolated showers or dry conditions. Temperatures will trend from below to above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should trend from below to above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 770 and 801 December. Support is at 736, 729, and 713 December, with resistance at 757, 763, and 772 December. Trends in Kansas City are mixed. Support is at 736, 715, and 704 December, with resistance at 762, 764, and 769 December. Trends in Minneapolis are up with no objectives. Support is at 980, 972, and 960 December, and resistance is at 1000, 1006, and 1012 December.

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RICE
General Comments: Rice closed lower again on what appeared to be follow through speculative selling. Short term down trends on the charts got started with the price action yesterday. Ideas are that demand is not yet strong enough to take up the supply available to the market. The crop has been largely harvested in Texas and in Louisiana. Mississippi and Arkansas producers are also almost done with the harvest. Yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. The reports have been good in both Arkansas and Mississippi
Overnight News: The Delta should get mostly dry conditions or isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are down with objectives of 1322, 1320, and 292 November. Support is at 1352, 1343, and 134-0 November, with resistance at 1368, 1372, and 1380 November.

CORN AND OATS
General Comments: Corn and Oats closed lower yesterday despite strong weekly export sales and strong ethanol demand as future demand ideas took a hit due to some world economic and regulatory issues. Trends are mixed on the daily charts for both markets. Traders keep talking about new demand for the market from exporters and noted that the demand for ethanol production was very strong. Demand will be an increasing feature in the trade moving forward as the harvest moves to its halfway point. Initial yield reports have been mixed but good, with some lower yields reported due to disease but some higher than expected yields reported in western areas. Farmers are reported to be limited sellers at best. Most of the elevators along the Mississippi are exporting again which is good news for nearby demand. There are a lot of ideas that production and planted and harvested area will be significantly less next year due to the lack of fertilizers available and the cost of production. The Oats market knows that supplies will be tight due to a drought in the northern Great Plains and Canada. There will not be much in the way of high quality Oats for consumers to buy in the coming year.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 529, 513, and 507 December, and resistance is at 540, 545, and 548 December. Trends in Oats are mixed. Support is at 645, 626, and 623 December, and resistance is at 669, 686, and 690 December.

SOYBEANS
General Comments: Soybeans and the products closed lower and gave back all of the Wednesday gains. Ideas of strong demand from China were supportive but took a back seat to ideas of new economic and regulatory issue there. There have been no sales announcements from USDA on the daily system, but the trade thinks that China is pricing purchases in futures. The weekly charts still show downtrends for all three markets, and the daily chart trends are mixed. Chinese demand has been supportive until now as the country was active in the US Soybeans. China is back now from a week-long holiday but so far no one has announced any new purchases. Harvest has moved past the half way point for Soybeans and a harvest low might be seen during the second half of the harvest. Reports indicate that farmers are limited sellers at best. Gulf port elevators are coming on line and exports are increasing.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1265 and 1305 November. Support is at 1221, 1208, and 11200 November, and resistance is at 1258, 1263, and 1270 November. Trends in Soybean Meal are mixed to up with objectives of 330.00 and 341.00 December. Support is at 324.00, 320.00, and 314.00 December and resistance is at 332.00 338.00, and 341.00 December. Trends in Soybean Oil are up with objectives of 6160 and 6270 December. Support is at 6220, 6130, and 6060 December, with resistance at 6500, 6550, and 6600 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower on what was called speculative profit-taking based on ideas that China might move to curb speculation in its markets. The weekly chart trends are up. There are ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed lower on what appeared to be speculative selling based on Chicago and Malaysia as the harvest is continuing amid good conditions in the Prairies. Farmers are bullish and reluctant to sell and would rather work in the fields. The weekly chart trends are sideways. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry and warm in the Prairies. The Prairies crops are in big trouble now due to previous hot and dry weather.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 929.00, 922.00, and 912.00 November, with resistance at 953.00, 961.00, and 966.00 November. Trends in Palm Oil are up with objective of 4970 and 5040 January. Support is at 4880, 4820, and 45740 January, with resistance at 5090, 5120, and 5180 January.