WHEAT
General Comments: Wheat markets were higher last week as the war between Russia and Ukraine got hotter. Russia once again attacked and partially destroyed the export facilities in Odessa and said that any ships hauling Ukrainian grain would be considered instruments of war and able to be bombed. Ukraine said the same thing about grain ships bound for Russia. It is now certain that there will be no grain deal soon for exports through the Black Sea. Also, it is unlikely that any ship owner or ship insurer will take the chance on any passage of Ukrainian grain through the Black Sea, and maybe not for Russia, either. The world access to Wheat from at least one and perhaps both countries just got a lot more restricted. Turkey, an intermediary in the talks between the two sides, remains very hopeful of a settlement but so far neither side is giving much to the other if anything at all. Weather forecasts call for drier weather for the northern Great Plains and Canadian Prairies although it will not be real hot. Canada increased its Wheat planted area on Tuesday so production ideas from that country were higher but it is now suffering potential crop losses due to dry weather.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 689, 680, and 675 September, with resistance at 711, 739, and 751 September. Trends in Kansas City are mixed. Support is at 842, 828, and 806 September, with resistance at 891, 902, and 926 September. Trends in Minneapolis are mixed. Support is at 878, 866, and 842 September, and resistance is at 920, 924, and 931 September.

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RICE
General Comments: Rice closed lower last week on the continuation charts due to the roll from July to September contracts. However, the market was actually stronger last week, mostly on news that India will stop Rice exports for the foreseeable future. India will not allow Rice exports except for Basmati for now because of too much rain on some the crops and not enough for other areas. Northern areas are tok wet and southern areas are too dry. India is the largest exporter of Rice in the world so it was big news and one that implies that a sharp increase in world price is now possible. This has been an extremely volatile market lately. Growing conditions are very in southern growing areas and the overall new crop price strength has not been good so far. There are some reports of initial harvest going on in southern areas. The weather is still good for crop development. Export demand has been uneven and was poor in the weekly reports released last week.
Overnight News: The Delta should get isolated showers. Temperatures should be above normal.
Chart Analysis: Trends are up with no objectives. Support is at 1572, 1554, and 1539 September and resistance is at 1600, 1612, and 1624 September.

CORN AND OATS
General Comments: Corn was lower on Friday on weather forecasts that remain mostly dry for the Midwest for the next couple of weeks. Then cooler temperatures and rain are in the forecast on some of the computer models but others remain hot and dry. The lack of a clear picture into the next few weeks forced a lot of speculative selling and perhaps some commercial selling was well. The crops are reported to be in mostly good condition now but need rain constantly to maintain the condition due to the lack of soil moisture from three months of drought that ended at the end of June. Demand for US Corn in the world market has been very low and domestic demand has been weak due to reduced Cattle and other livestock production. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are getting relatively cheap and Brazil is getting the business.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 521, 515, and 502 September, and resistance is at 533, 557, and 573 September. Trends in Oats are mixed to up with objectives of 502 September. Support is at 430, 425, and 414 September, and resistance is at 453, 460, and 466 September.

SOYBEANS
General Comments: Soybeans and the products were higher last week on weather forecasts that call for dry conditions for the Midwest for the future. These forecasts moderated late in the week and showed the potential for cooler and wetter conditions in a couple of weeks, so some selling was seen in the new crop months late in the week. Soybean Oil was higher on demand ideas. Most longer-range maps indicate the potential for dry weather. Temperatures are expected to be above normal this week. Ideas are that the top end of the yield potential is gone but severe damage has not been reported yet but is becoming possible in some areas. In fact, yield ideas are probably increasing in some areas due to the recent and forecast weather but dropping in others. Reports indicate that bio fuels demand for Soybean Oil is very strong despite the moves in Washington to keep bio fuels demand at more moderate levels and is pushing domestic demand for Soybeans. Brazil basis levels are still low and the US is being shut out of the market for most importers. Brazil is still selling a lot of Soybeans to China and other countries. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina.
Overnight News: China bought 121,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1474, 1440, and 1425 August, and resistance is at 1518, 1524, and 1526 August. Trends in Soybean Meal are up with no objectives. Support is at 439.00, 434.00, and 409.00 August, and resistance is at 452.00, 456.00, and 459.00 August. Trends in Soybean Oil are up with objectives of 6850 and 7180 August. Support is at 6660, 6590, and 6520 August, with resistance at 6980, 7100, and 7220 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower on Friday in consolidation trading, but higher for the week. The market remains in a trading range. The export data from private sources was reported to be positive by the wire services. Ideas are that current demand is generally weak, with China struggling to open its economy and India looking to Sun oil for imports at the expense of other vegetable oils. It was higher today on reports of stronger export demand from the private sources and on Chicago price action. Canola was higher again last week on dry Prairies growing conditions, but some selling appeared on Friday as some forecasts for some rains started to appear. Drier weather is generally forecast for the Prairies. Trends are up on the daily charts in sympathy with the weather.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 870.00, 821.00, and 793.00 November, with resistance at 857.00, 867.00, and 875.00 November. Trends in Palm Oil are up with objectives of 4120 and 4290 October. Support is at 3950, 3830, and 3810 October, with resistance at 4070, 4170, and 4250 October.

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