WHEAT

General Comments: Wheat closed a little lower yesterday after trading higher earlier in the day.  Traders continue to monitor world wheatz prices and think the US needs cheaper prices to compete.  Russian sources told wire services that producers there are set to reduce offers and production due to low prices and problems with the government.  It remains too dry in Winter Wheat areas and too wet in Spring Wheat areas of Russia, but crop size ideas are expected to increase due to reports of big yields in Spring Wheat growing areas.  A French government report showed plenty of production but lower quality.  Rains have been good in the northern Great Plains and Canada, but western areas have been a little too dry for best yield potential and the northern Plains had hot and dry areas earlier in the year.  Southern hemisphere crops appear to be good and Australia estimates that production this year will be high.

Chart Analysis: Trends in Chicago are mixed.  Support is at 505, 499 and 493 December, with resistance at 532, 535, and 543 December.  Trends in Kansas City are mixed.  Support is at 496, 490, and 484 December, with resistance at 520, 523, and 529 December. Trends in Minneapolis are not available.

RICE

General Comments Rice was a little lower in quiet trading yesterday.  The market remained in a trading range. The harvest is wrapping up in Texas and southern Louisiana.  Harvest is active in Mississippi and Arkansas.  Chart trends are mixed on the charts.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.  Louisiana reports good but not great yields and quality.  Texas reports average to below average field and milling yields.  Milling quality of the old crop Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters.

Chart Analysis: Trends are mixed.  Support is at 1124, 1112, and 1100 November and resistance is at 1168, 1181, and 1201 November.

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CORN AND OATS

General Comments: Corn was lower yesterday in quiet trading.  Trends are still turning down as the crop is maturing and the harvest is starting to expand.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Temperatures should average near to below normal this week and there are forecasts for scattered showers.  Most of the western Midwest has seen adequate or greater precipitation and production ideas are high.  Areas east of the Mississippi River have been very dry for the last month or more.  Demand for Corn in world markets remains moderate to strong.  Oats were near unchanged.

Chart Analysis:  Trends in Corn are mixed to down.  Support is at 417, 414, and 411 December, and resistance is at 431, 434, and 442 December.  Trends in Oats are down.  Support is at 301, 295, and 289 December, and resistance is at 316, 320, and 324 December.

SOYBEANS

General Comments: Soybeans and the products were a little lower in quiet trading yesterday.  There are still no indications that China was changing its trade policies and on forecasts for a little rain to be seen in the Midwest this weekend.  Cool and dry weather has been seen recently in the Midwest.  The dry weather could hurt pod fill and bean size.  Argentina has removed taxes on Soybeans exports and China immediately bought up to 15 cargoes.  China has not bought US Soybeans yet and traders are worried that demand for the new crop will be a lot less this year. Good growing conditions continue in the Midwest with cool and mostly dry weather in the forecast.  Prices are still higher in Brazil, but China and other buyers are still buying there for political reasons.  Export demand remains less for US Soybeans as China has been taking almost all the export from South America due to the Trump tariff regime.

Analysis:  Trends in Soybeans are down.  Support is at 1002, 995, and 981 November, and resistance is at 1024, 1029, and  1036 November.  Trends in Soybean Meal are mixed to down.  Support is at 270.00, 266.00, and 263.00 October, and resistance is at 277.00, 279.00, and 285.00 October.  Trends in Soybean Oil are down.  Support is at 4840, 4740, and 4680 October, with resistance at 5070, 5110, and 5170 October.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were higher today with the price action in Chicago and ideas of weaker production and strong export demand.  Canola was a little lower with Chicago Soybeans.  Concerns remain about demand potential.  The Canadian government is moving now to support farmers in the face of the Chinese demand loss and also in the face of the Trump tariffs.  Trends are mixed on the daily charts and on the weekly charts.

Chart Analysis: Trends in Canola are down.  Support is at 602.00, 596.00, and 590.00 November, with resistance at 630.00, 640.00, and 653.00 November.  Trends in Palm Oil are mixed to down.  Support is at 4320, 4200, and 4130 December, with resistance at 4430, 4480, and 4530 December.

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