Grains Report - Monday, June 22

WHEAT
General Comments: Winter Wheat markets were lower as the harvest expanded north into southern Kansas. Yield reports from the region have been variable, but generally a little better than expected, so USDA might raise its production estimates nest month. Spring Wheat held better despite good growing conditions and high crop ratings. The Winter Wheat markets hold to bearish trends on the weekly charts. Spring Wheat markets show downtrends 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. Russia could turn hot and dry starting this week but soil moisture is good for now. Australia remains in good condition. Prices usually move lower and remain down through the harvest.
Overnight News: The southern Great Plains should get dry conditions. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal. Egypt bought 240,000 tons of Russian and Eastern European Wheat.
Chart Analysis: Trends in Chicago are down with objectives of 471 July. Support is at 476, 470, and 464 July, with resistance at 494, 498, and 507 July. Trends in Kansas City are down with objectives of 410 July. Support is at 428, 422, and 416 July, with resistance at 439, 441, and 450 July. Trends in Minneapolis are mixed. Support is at 516, 511, and 502 July, and resistance is at 528, 530, and 534 July.

RICE
General Comments: Rice was a little higher in new crop months and much 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 mostly dry conditions. Temperatures should be generally above normal.
Chart Analysis: Trends are mixed to down with objectives of 1241 and 1051 July. Support is at 1366, 1345, and 1316 July, with resistance at 1457, 1540, and 1573 July.

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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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