Grains Report - Friday, Oct. 2

WHEAT
General Comments: Winter Wheat markets closed lower. Overseas prices were reported to be stable to weaker. The trade is watching the weather and growing conditions around the world as well as the world Wheat price. World demand for US Wheat depends mostly on lower prices for US Wheat to compete with Russia, Europe, and other sellers and a weaker US Dollar. The overseas weather is mixed. Western Europe is likely to get some rains in the short term, but southern Russia could stay dry. Some showers are forecast for Ukraine this week. The country has also been dry. These areas are trying to plant the next Winter Wheat crop but the dry weather and the dry soils are keeping farmers out of the fields. Argentina got some very beneficial rains over the weekend. Australia has seen some cold temperatures in recent days and some southern growing areas could have seen a frost or a freeze. Conditions are improved in the US after some rains fell in the Great Plains.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to below normal. Northern areas should see isolated showers. Temperatures will average near to below normal. The Canadian Prairies should see isolated showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 568, 557, and 552 December, with resistance at 578, 587, and 590 December. Trends in Kansas City are up with no objectives. Support is at 500, 490, and 483 December, with resistance at 509, 515, and 520 December. Trends in Minneapolis are mixed to up with no objectives. Support is at 531, 523, and 519 December, and resistance is at 540, 547, and 549 December.

RICE
General Comments: Rice was slightly higher in range trading. The weekly export sales report was very strong and featured buying of a little more than 70,000 tons of buying from Brazil. The harvest has been active in most states with good field yields reported. Mississippi is the farthest behind average due to some rains at harvest time. Southern Louisiana and Texas are done with the main crop harvest and are waiting for the second crop harvest to start. Quality is said to be very good, especially in Arkansas. Milling yields are higher and appearance is very good with minimal chalk or peck showing.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are mixed. Support is at 1239, 1237, and 1222 November, with resistance at 1260, 1267, and 1290 November.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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