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.

CORN AND OATS
General Comments: Corn was higher and Oats were lower. USDA surprised the market on Wednesday by reporting quarterly stocks well below the lowest trade guess. It was a bullish surprise. Demand is holding strong for exports, but it is harvest time and yield reports have been mixed but generally strong. Farmers are holding the Corn and selling Soybeans due to price differences. Much of the Corn is too wet as well so harvest progress has been slow. USDA has found less damage to crops in Iowa and northern Illinois due to the drought and derecho winds that hit both areas a month ago. That allowed for the higher yield, production, and ending stocks estimates. The harvest has expanded into the Midwest with very good harvest conditions. The yield reports appear to be good overall. The harvest will produce a good crop, but maybe not a great crop.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 386 December. Support is at 373, 370, and 367 December, and resistance is at 386, 389, and 392 December. Trends in Oats are mixed. Support is at 279, 275, and 270 December, and resistance is at 286, 289, and 291 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were unchanged and the products were lower due to the USDA quarterly stocks report. Funds and other speculators were the best buyers in Soybeans and producers were the best sellers. Soybeans were the leader to the upside due to the strong Chinese demand until last week. Now it appears that China is away from the market and the harvest is underway. The trade generally expects China to shift its buying back to Brazil in the near future, but central and northern Brazil has been dry and some of the early planting has been delayed. The lack of rain might keep the Chinese buying in the US for a little longer, but only for the crushers and not for the reserve. Buying volumes should be less from China and the weekly export sales report should start to reflect less demand this week; Farmers are selling Soybeans off the combine and are delivering on contracts. Soybeans are holding to better prices for producers than Corn.
Overnight News: China bought 264,000 tons of US Soybeans and unknown destinations bought 252,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with objectives of 1070 November. Support is at 1013, 995, and 993 November, and resistance is at 1035, 1037, and 1048 November. Trends in Soybean Meal are up with no objectives. Support is at 340.00, 335.00, and 330.00 December, and resistance is at 350.00, 353.00, and 356.00 December. Trends in Soybean Oil are mixed. Support is at 3220, 3210, and 3170 December, with resistance at 3340, 3400, and 3470 December.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on crude oil price action and nes that the president had contracted the Covid 19. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest has been hard, though, and the lack of labor has been a big problem. At least some of the plantation owners have asked for more migrant workers to cover the lack of workers that can be sourced locally. Demand reports from the private surveyors are stronger this month. China has been a major buyer as vegetable oils prices inside the country have been very strong. Most importers seem to have enough stocks on hand due to the Coronavirus pandemic. Canola was lower. Canola farmers and speculators are selling due to harvest pressure. There is still a lot of uncertainty over the Canola yields. The Canadian Dollar was higher.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 514.00, 508.00, and 505.00 November, with resistance at 521.00, 524.00, and 528.00 November. Trends in Palm Oil are mixed. Support is at 2700, 2670, and 2590 December, with resistance at 2830, 2870, and 2920 December.