WHEAT
General Comments: Wheat was lower last week despite another week of solid export sales reported by USDA. USDA increased production estimates for Winter Wheat on Tuesday. Spring Wheat production was lower, but the big mover was the Winter Wheat production estimates. Ideas of good harvest progress and good yields are still around and are forcing the selling. Harvest conditions for Winter Wheat appear to be good in the US and Spring Wheat development is currently good. Rains have been good in the northern Great Plains but Canada has been a little too dry for best yield potential and the northern Plains had hot and dry areas earlier in the year. Canada could still produce an average to above average crop. Russia is still being watched for dry weather that has so far hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields. Russian Black Sea prices have been firming as producers are not making sales and are looking for higher prices to offset yield losses. Southern hemisphere crops appear to be good.
Chart Analysis: Trends in Chicago are mixed to down. Support is at 496, 490 and 484 September, with resistance at 526, 532, and 541 September. Trends in Kansas City are mixed to down. Support is at 498, 492, and 486 September, with resistance at 549, 552, and 559 September. Trends in Minneapolis are not available.

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RICE
General Comments Rice was a little lower last week after rallying sharply earlier in the week in response to the USDA estimates. Chart trends are mixed on the charts. USDA estimated All Rice production at 208,464 million cwt, from 222.133 million last year. Long Grain production was estimated at 154.468 million cwt, from 172,029 million last year. The cash market has been slow with low bids from buyers in domestic markets and average or less export demand. New crop harvesting has started in Louisiana with reports of good but not great yields and quality. There is more concern about the crops in Arkansas where it has turned very hot. 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. Rice is heading in most growing areas now and harvest has started near the Gulf Coast.
Chart Analysis: Trends are up. Support is at 1261, 1243, and 1237 September and resistance is at 1298, 1319, and 1333 September.

CORN AND OATS
General Comments: Corn was near unchanged last week after USDA reported another week of strong export sales and also big production estimates. USDA estimated production at 16.74 billion bushels with a yield estimate of 188.8 bu/acre. There still appeared to be speculative selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest. Temperatures should average near normal this week and it should be mostly dry. However, flooding rains were reported in Wisconsin over the weekend and yields could be hurt in southern and eastern parts of the state. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Demand for Corn in world markets remains strong. Oats were little changed. We made our annual crop tour of central Illinois over the weekend and found good but not great crops. The tour yield average Was about 198 bu/acre, the second lowest yield calculation in the past 10 years. The ears were small and there were spotty pollination problems and quite a bit of tip back. It looks like the hot summer nights have hurt yield potential and that crop yields of 188 nationally are probably way too high.
Overnight News: Unknown destinations bought 124,000 tons of US Corn.
Chart Analysis: Trends in Corn are down. Support is at 363, 360, and 357 September, and resistance is at 382, 389, and 396 September. Trends in Oats are mixed to down. Support is at 326, 321, and 315 September, and resistance is at 357, 362, and 370 September.

SOYBEANS
General Comments: Soybeans and the products were higher last week. USDA estimates released on Tuesday showed US Soybeans production at 4.292 billion bushels with a yield of 53.6 bu/acre. Good growing conditions continue in the Midwest with warm and mostly dry weather in the forecast. Wisconsin got flooding rais over the weekend but just a few light showers were reported in northern Illinois. Prices are now reported to be 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.
Analysis: Trends in Soybeans are mixed to up. Support is at 1004, 995, and 983 September, and resistance is at 1029, 1037, and 1050 September. Trends in Soybean Meal are mixed to up. Support is at 277.00, 271.00, and 267.00 September, and resistance is at 291.00, 294.00, and 297.00 September. Trends in Soybean Oil are mixed. Support is at 5160, 5030, and 4940 September, with resistance at 5390, 5490, and 5590 September.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on stronger than expected export dqta for the firt half of the month. Demand for export has been strong to start the month. Futures were also higher today as the increase in ending stocks was not as much as anticipated. There was talk that India will soon be buying a lot with festivals coming soon. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was lower last week as China had imposed a punishing tariff on Canola imports from Canada in retaliation for Canadian tariff imposed on Chinese goods. Trends are mixed on the daily charts and on the weekly charts. The weather has generally been dry for crop development in the Prairies with warm and dry weather still around.
Chart Analysis: Trends in Canola are mixed to down. Support is at 635.00, 623.00, and 602.00 November, with resistance at 669.00, 683.00, and 696.00 November. Trends in Palm Oil are up. Support is at 4410, 4340, and 4300 November, with resistance at 4530, 4590, and 4650 November.

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