WHEAT
General Comments: Wheat was lower on demand concerns. Covid is back and Chicago has introduced a new mask mandate for public spaces. There are fears of new lockdowns and what that could mean to world economies and demand potential. Funds were the best sellers ad the US Dollar got stronger. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market. Trends in Winter Wheat markets are still mixed. Crop size estimates in Russia have been reduced. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. Some showers are no in the forecast for the drier areas but are not expected to help much. The weather in China and Europe is wet and there is potential for reduced quality in Europe. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields. US White Winter Wheat production is also being hurt by hot and dry weather, but a cold front could bring some relief in several days.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be near to above
normal. Northern areas should see mostly dry conditions. Temperatures will be near normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 709, 695, and 690 September, with resistance at 732, 735, and 756 September. Trends in Kansas City are mixed. Support is at 688, 678, and 658 September, with resistance at 725, 735, and 756 September. Trends in Minneapolis are mixed. Support is at 905, 891, and 888 September, and resistance is at 936, 95, and 960 September.

Photo by Sandy Ravaloniaina on Unsplash

RICE
General Comments: Rice closed lower last week due to harvest pressure. Speculators appeared to be the best sellers. The harvest is now expanding through southern growing areas. Initial yield reports and quality reports have not been real good. Smut has been reported in Texas but the smut is coming off the grain in the cleaning process. The smut problem appears to be worse around Houston. The harvest pace is expected to be slow due to ongoing showers in both regions. Ideas of average yields at best are also heard in Arkansas and Mississippi. Big rains are reported now in Arkansas. Growing conditions have been mixed at best with many areas getting too much rain. Chart trends are sideways but the price action has not been strong. Asian prices were a little higher last week.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed. Support is at 1308, 1294, and 1285 September, with resistance at 1355, 1358, and 1368 September.

CORN AND OATS
General Comments: Corn was lower on fund selling tied to news from the Pro Farmer tour and world economic worries. News that EPA could reduce demand for biofuels through new mandates hurt prices on Friday. Covid is back and Chicago has introduced a new mask mandate for public spaces. There are fears of new lockdowns and what that could mean to world economies and demand potential. Funds were the best sellers ad the US Dollar got stronger. The Pro Farmer crop tour has estimated US Corn production at 15.116 billion bushels with yields of 177 bushels per acre.. The weather remains a feature of the trade. Some forecasts call for improved weather, especially in the eastern belt. The growing conditions in the US are highly variable and not likely to produce trend line or record yields. It is still too dry in many areas of the west and drier weather is expected in the east. It should stay hot in the west and cool in the east. Ideas are that Brazil's Corn production could be less than 85 million tons so reduced production estimates are expected in coming reports. Oats were lower on what appeared to be speculative selling. The uncertain weather in the northern Great Plains and Canadian Prairies remains the best support for the market. Canadian Oats areas and those in the northern Great Plains remain too hot and dry. Some rain is now in the forecast but is too little and too late to materially help crops.
Overnight News: Mexico bought 458,600 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 544, 540, and 537 September, and resistance is at 561, 575, and 579 September. Trends in Oats are mixed. Support is at 475, 467, and 458 September, and resistance is at 497, 520, and 526 September.

SOYBEANS
General Comments: Soybeans and both products were lower last week in response to the Pro Farmer tour and on-demand worries. The demand threats mostly surfaced late in the week and were caused by talk that the Fed would soon begin to taper bond purchases and therefore increase interest rates and keep the Dollar supported and on reports that the EPA was about to submit to the White House new biofuels blending requirements that could call for less biofuels demand. Covid is back and Chicago has introduced a new mask mandate for public spaces. There are fears of new lockdowns and what that could mean to world economies and demand potential. Funds were the best sellers as the US Dollar got stronger. US weather is still a feature in the market as it remains hot in the west and is dry in just about all areas now. Eastern Midwest areas should be cooler and parts of central Illinois turned too wet again after some big rains on Thursday night. Soybeans conditions in central production area started the year too wet and have suffered some production losses. Pro Farmer estimated US Soybeans production at 4.436 billion bushels with a yield of 51.2 bushels per acre.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1232 September. Support is at 1267, 1260, and 1231 September, and resistance is at 1313, 13630, and 1345 September. Trends in Soybean Meal are mixed. Support is at 347.00, 342.00, and 341.00 September, and resistance is at 359.00, 364.00, and 365.00 September. Trends in Soybean Oil down with objectives of 5600, 5170, and 5000 September. Support is at 5440, 5310, and 58200 September, with resistance at 5870, 6010, and 6200 September

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower last week on demand concerns. Exports so far this month have not been strong. Futures are still a trading range market on ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed lower on weakness in Chicago and Malaysia. Damaging weather continues in the Canadian Prairies and northern Great Plains. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry and warm in the Prairies. The Prairies crops are in big trouble now due to previous hot and dry weather and the rains are coming too late. Chicago was lower on wire reports that EPA was ready to give the White House ideas of new bio fuels mandates. Ideas are that the mandates will be less than what is currently required for blending.
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 816, 804, and 744 November. Support is at 823.00, 807.00, and 796.00 November, with resistance at 867.00, 877.00, and 908.00 November. Trends in Palm Oil are mixed. Support is at 4190, 4050, and 3970 November, with resistance at 4360, 4430, and 4530 November.