WHEAT
General Comments: All three markets closed lower last week as futures found new support from stronger world market prices but as the weather for growing crops improved with more reports of showers in western growing areas. Rain has become much less in the southern Midwest and Mid South but flooding reports continue. The White House made a pause in the implementation of the reciprocal tariffs for 90 days but is still imposing blanket tariffs on most of the world and is maintaining the old Mexican and Canadian tariffs. The tariffs will cost producers more for inputs and should damage upside price potential if the reciprocal tariffs start again. Chart trends are up in Winter Wheat markets and in Minneapolis. Dry outlooks for the Great Plains and Black Sea regions are still the main feature. Overall demand has been weak.
Chart Analysis: Trends in Chicago are mixed to up. Support is at 535, 521, and 518 May, with resistance at 557, 563, and 568 May. Trends in Kansas City are mixed. Support is at 557, 546, and 542 May, with resistance at 577, 583, and 598 May. Trends in Minneapolis are mixed to up. Support is at 599, 593, and 578 May, and resistance is at 626, 635, and 646 May.

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RICE
General Comments: Rice closed lower last week but futures are still holding to a sideways trend. Prices remain cheap and could threaten the planted area as it will cost more to produce Rice than it is getting in the market right now. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is getting planted in southern growing areas now and is trying to get started farther to the north.
Chart Analysis: Trends are mixed. Support is at 1323, 1315, and 1300 May and resistance is at 1365, 1383, and 1387 May.

CORN AND OATS
General Comments: Corn closed higher last week as demand for US Corn mains strong. The market also reacted to better planting weather in the Midwest and the latest in the tariff wars. Demand for Corn in domestic and world markets remains strong with inspections above 1.8 million tons and sales of above 1.5 million tons in the latest reporting week. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are too wet. It has become warmer in a lot of the Midwest and planting progress is expected to be much improved this week. Oats were mixed and the trends are up in this market.
Chart Analysis: Trends in Corn are mixed to up. Support is at 477, 470, and 461 May, and resistance is at 492, 500, and 512 May. Trends in Oats are mixed. Support is at 322, 317, and 312 May, and resistance is at 362, 367, and 371 May.

SOYBEANS
General Comments: Soybeans and the Soybean Meal closed a little lower last week and Soybean Oil closed a little higher as the market reacted to news of better demand due to high Brazil FOB premiums. There was news last week that the reciprocal tariffs have been put on pause for 90 days. The world wide tariff of 10% remains intact as do tariffs on Mexico and Canada. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were higher as the weather remains too wet to the east and south and too dry to the west. Warmer temperatures are expected this week.
Overnight News
Analysis: Trends in Soybeans are up Support is at 1028, 1011, and 991 May, and resistance is at 1051, 1055, and 1067 May. Trends in Soybean Meal are up. Support is at 292.00, 289.00, and 280.00 May, and resistance is at 304.00, 307.00, and 310.00 May. Trends in Soybean Oil are mixed to up. Support is at 4580, 4440, and 4390 May, with resistance at 4850, 4920, and 5040 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week and lower again today on economic headwinds and continued concerns about the world economy stemming from the Trump tariffs and lon the Trump threat to replace the chairman of the Federal Reserve.. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things, but supplies are expected to increase soon. Demand ideas are weaker. Chart trends are mixed. Canola was higher last week and trends are still up on the daily charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. Canada will not be exempted by the 90 day pause.
Chart Analysis: Trends in Canola are up. Support is at 645.00, 638.00, and 624.00 May, with resistance at 682.00, 690.00, and 696.00 May. Trends in Palm Oil are down. Support is at 4080, 3910, and 3790 June, with resistance at 4230, 4280, and 4340 June.

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