Grains Report - Monday, Dec. 7

WHEAT
General Comments: Winter Wheat markets were lower as US prices moved closer to international prices and US markets searched for new demand. World prices have held steady or worked a little higher even with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward. US weather is mixed with still dry conditions in the western Great Plains. Some precipitation was reported in the Midwest. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia's conditions are good after some rains. The demand has held well and world prices remain high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be near to above normal. Northern areas should see mostly dry conditions. Temperatures will be near to above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 565 and 531 March. Support is at 574, 568, and 558 March, with resistance at 592, 600, and 608 March. Trends in Kansas City are mixed to down with objectives of 514 and 474 March. Support is at 536, 533, and 528 March, with resistance at 555, 559, and 569 March. Trends in Minneapolis are mixed to down with objectives of 537 March. Support is at 546, 543, and 537 March, and resistance is at 560, 564, and 570 March.

RICE
General Comments: Rice was lower last week as trading reflected the lack of activity in the domestic cash market. Trading volumes have been less for the last couple of weeks. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over with good field yields and generally good quality reported.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are down with objectives of 1204, 1187, and 1175 January. Support is at 1223, 1220, and 1215 January, with resistance at 1240, 1246, and 1248 January.

1 2 3
View single page >> |

Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.