Grains Report - Monday, July 6

WHEAT
General Comments: Winter Wheat markets were lower as the Winter Wheat harvest expanded north and as the Spring Wheat was developing under good growing conditions. Yield reports from the region have been variable, but generally a little better than expected, so USDA might raise its production estimates nest month. The Winter Wheat markets hold to bearish trends on the weekly charts. Spring Wheat markets show down 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. Better rains are reported in Europe and Russia. Australia remains in good condition. Prices usually move lower and remain down through the harvest.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below 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 to up with objectives of 514 and 537 September. Support is at 489, 481, and 471 September, with resistance at 500, 503, and 512 September. Trends in Kansas City are mixed. Support is at 432, 424, and 418 September, with resistance at 446, 450, and 454 September. Trends in Minneapolis are mixed to down with objectives of 506 and 488 September. Support is at 506, 501, and 488 September, and resistance is at 518, 522, and 524 September.

RICE
General Comments: Rice was a little higher in new crop months and lower for another week in old crop July. New crop months were relatively little changed as new crop prospects appear solid for increased production in the coming year. 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 but planting was more problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain got planted and producers did not plant medium grain if some prevent planting was needed.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1186 September. Support is at 1212, 1203, and 1201 September, with resistance at 1241, 1246, and 1266 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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