Grains Report - Monday, July 27

WHEAT
General Comments: Winter Wheat markets were higher at the close last week as the Winter Wheat harvest started to get complete. Spring Wheat was developing under good growing conditions but futures prices closed higher. Yield reports from the central and southern Great Plains have been variable, but generally a little better than expected. Soft Red Winter yields are expected to be high. The Winter Wheat markets are in up trends on the weekly charts. Spring Wheat markets show mixed trends as good conditions are also reported in much of Canada. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. It is still dry in France and Russia and now Spring Wheat areas of Russia are being affected. Russian Winter Wheat yields have improved over time as harvesters move into areas that had better growing conditions. Australia remains in good condition and is getting beneficial rains. About half of the Argentine Wheat belt is too dry.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 530, 517, and 494 September, with resistance at 552, 564, and 568 September. Trends in Kansas City are mixed. Support is at 440, 431, and 424 September, with resistance at 455, 464, and 468 September. Trends in Minneapolis are mixed. Support is at 510, 508, and 500 September, and resistance is at 520, 528, and 531 September.

RICE
General Comments: Rice was lower as harvest has started near the Gulf Coast. A tropical storm is moving towards Texas but looks to make landfall too far south to impact Rice crops. New crop prospects appear solid for increased production in the coming year. The area is larger and the growing conditions are mostly good. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short old crop Rice. There are ideas that the mills are well covered into new crop, but little Rice is available from producers. The crops that got planted are in very good condition in the south and near the Gulf Coast and are called in good condition now in Mississippi, Arkansas, and Missouri. Texas and southern Louisiana field yield reports are strong.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1176, 1170, and 1167 September, with resistance at 1190, 1210, and 1213 September.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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