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.

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CORN AND OATS
General Comments Corn was a little lower last week in reaction to weaker than expected export demand and reports of improved conditions in South America. Oats reversed and moved sharply higher last week. Little export demand was noted from China by USDA in the weekly export sales report. It has rained in Argentina and southern Brazil in the past week. Rains will now leave these areas and has moved north into central and southern Brazil. Meanwhile, it will turn warm and dry to the south and this is more consistent with La Nina. Drought could develop in southern Brazil and Argentina despite the rains this week as the overall weather patterns have been dry. The drought is especially serious in South America for the first Corn crop but the second crop could also be affected due to late planting in central and northern Brazil. Dry weather has delayed the Soybeans planting and that will delay the second Corn planting later. Farmers will not plant if it gets too late in the year as the rains will shut off before the crop gets mature. US weather was great for harvesting last week with warm and dry conditions for much of the Midwest. Yield reports have generally been good except for the drought and derecho areas of Iowa. Ukraine has been in drought.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down with objectives of 414, 408, and 397 March. Support is at 419, 414, and 409 March, and resistance is at 427, 430, and 436 March. Trends in Oats are up with no objectives. Support is at 304, 301, and 295 March, and resistance is at 309, 311, and 314 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal closed lower on better rains in South America and the lack of Chinese demand for US Soybeans. China continues to buy in small amounts each day but has canceled some contracts made to unknown destinations in the past week. Production potential is being threatened in South America due to the lack of rainfall. The situation is most serious in central and northern Brazil but has improved in southern Brazil and Argentina due to recent rains. These rains are leaving southern Brazil and Argentina now and will move to the north. Southern Brazil and Argentina will now turn warm and dry and this will be much more consistent with a typical La Nina pattern. The world will need very strong production from South America to meet the projected demand. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years. Higher Soybeans prices are likely.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1127 March. Support is at 1152, 1143, and 1138 January, and resistance is at 1174, 1182, and 1190 January. Trends in Soybean Meal are mixed to down with objectives of 376.00 and 363.00 March. Support is at 381.00, 379.00, and 376.00 January, and resistance is at 392.00, 384.00, and 401.00 January. Trends in Soybean Oil are mixed. Support is at 3800, 3720, and 3660 January, with resistance at 3860, 3900, and 3930 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher and made a new high weekly close. Futures were lower with competing vegetable ojils today. The market was supported late in the week by ideas of tight supplies coming down the road. Production of most vegetable oils in the world is less this year due to a lack of production of oilseeds. The production of Palm Oil is down, too, in both Malaysia and Indonesia. News that India had cut its import tariffs on Palm Oil supported the futures market as well as good demand is coming. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Soybean Oil and Canola were higher on strong demand ideas. Soybean Oil was a follower. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up in Soybean Oil and in Canola. Demand for Canola has improved in recent weeks. StatsCan reported less production in its reports last week. Canola farmers have reduced selling by now so demand is chasing after fewer supplies.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 612.00 January. Support is at 587.00, 584.00, and 576.00 January, with resistance at 601.00, 604.00, and 607.00 January. Trends in Palm Oil are up with objectives of 3590 February. Support is at 3400, 3300, and 3270 February, with resistance at 3470, 3500, and 3530 February.