WHEAT
General Comments: The markets were about unchanged last week and the trends are starting to turn down. The USDA reports were not bullish to Wheat as plantings were higher than trade expectations as were world ending stocks estimates. US ending stocks estimates were 798 million bushels, below the average trade guess of 807 million but above what USDA published last month at 795 million. These estimates were considered mildly negative for prices. World Wheat demand has been strong, but there has not been much demand in world markets for US Wheat. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of steady to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 526, 522, and 516 March, with resistance at 545, 554, and 561 March. Trends in Kansas City are mixed. Support is at 538, 535, and 528 March, with resistance at 560, 568, and 571 March. Trends in Minneapolis are mixed to down. Support is at 572, 566, and 560 March, and resistance is at 601, 606, and 611 March.

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RICE
General Comments: Rice closed higher last week in continued speculative short covering and some new commercial buying. The trends are up the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong, but the difference is now less to world buyers as the Real is much lower against the US Dollar. The weekly export sales report showed bad sales.
Overnight News:
Chart Analysis: Trends are up. Support is at 1423, 1417 and 1405 March and resistance is at 1455, 1474, and 1500 March.

CORN AND OATS
General Comments: Corn closed higher last week in response top the USDA production reports. USDA surprised the market by cutting yield estimates by 3.8 bushels per acre and production to just 14.867 billion bushels instead of the 15 billion plus expected by most of the trade. The yield and production estimates were below all trade guesses. US ending stocks were equal to the lowest trade estimate at 1.540 billion bushels. New crop Corn futures did not rally that much as everyone expects farmers to plant more Corn this year due to the big offer expected to develop in the next few weeks in Soybeans from South America. Current crop Corn might have fulfilled upside targets with the price action on Friday. The export sales report released last week by USDA showed a big reduction in demand and many think that this could become a feature for the market. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here in January. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff later. It is about to turn very cold in the Midwest so it will get harder for Corn buyers to convince farmers to sell. Oats were a little higher last week.
Overnight News:
Chart Analysis: Trends in Corn are up. Support is at 460, 457, and 453 March, and resistance is at 474, 479, and 483 March. Trends in Oats are mixed. Support is at 335, 333, and 329 March, and resistance is at 345, 350, and 356 March.

SOYBEANS
General Comments: Soybeans closed higher in response to the USDA production reports, and the products closed mixed yesterday, with Soybean Meal lower and Soybean Oil higher. Soybean Oil rallied on news that President Biden would issue short term guidance on bio fuels very soon. Soybeans were higher in response to bullish US production estimates released by USDA. It estimated yield a full bushel less than last month and production at 4.36s6 billion bushels. Ending stocks were estimated at 380 million bushels. Both estimates from USDA were well below the lowest trade guess. Soybeans filled upside targets for many with the price action on Friday, and now ideas are that Soybeans will eventually move significantly lower. World supplies are large now and look to get even bigger with the coming South American harvest. Talk that President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers have planted what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest last year has hurt US production ideas due to ideas of small and very dry beans in the pods. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose. Soybeans aare offered cheaper in South America now.
Overnight News: China bought 198,000 tons of US Soybeans.
Analysis: Trends in Soybeans are up. Support is at 1004, 992, and 979 March, and resistance is at 1024, 1044, and 1059 March. Trends in Soybean Meal are mixed to down. Support is at 295.00, 292.00, and 285.00 March, and resistance is at 306.00, 310.00, and 315.00 March. Trends in Soybean Oil are mixed to up. Support is at 4370, 4310, and 4220 March, with resistance at 4650, 4790, and 4940 March.

PALM OIL AND CANOLA
General Comments: Palm Oil was slightly lower last week. But closed well off the lows of the week on MPOB data that showed reduced inventories for the third straight month, but there is still concern about the Indonesian fuel program. Futures were higher today on strength in Chicago. Indonesia wants to use a blend of 40% of Plam Oil in its gasoline mixtures, but this has proved to be expensive and might need to be reduced and allow for increased exports. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher and the market seems to have finally pushed through the December highs in part due to the bullish USDA reports. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 617.00, 610.00, and 601.00 March, with resistance at 632.00, 640.00, and 647.00 March. Trends in Palm Oil are mixed to down. Support is at 4230, 4170, and 4070 March, with resistance at 4450, 4570, and 4650 March.

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