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.

CORN AND OATS
General Comments: Corn was a little higher on the weekly charts as the current seasonal rally appeared to stall. Futures markets have had hot and dry weather in much of the Midwest this week to support prices, but there was some rain in most areas over the weekend. There have also been problems with demand. Meats processors are back and are aiming to restore 80% to 85% of capacity kill rates in their plants. The backlog of Cattle and Hogs will slowly disappear under this scenario and meats wholesale and retail prices are falling. Ethanol demand is also improving as lock down orders are lifter in most states and in Europe. Demand for gasoline and ethanol has gotten a little stronger and should continue to improve over time. The US weather and growing conditions are becoming more important as Corn enters its greatest demand time for moisture. Rains were seen in the Midwest after a hot and dry week. Generally good growing conditions should continue. Continued hot and dry weather would imply yield loss potential and be a reason to see prices move sharply higher as funds and speculators in general are short the market. Oats gave up their rally a couple of weeks ago and chart trends are down. Demand should start to back off now that many are leaving the house and are working again.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 329, 324, and 321 July, and resistance is at 335, 340, and 344 July. Trends in Oats are mixed to down with objectives of 293 and 285 July. Support is at 299, 295, and 285 July, and resistance is at 310, 315, and 319 July.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were higher on more Chinese demand. China has become a much more active buyer of Soybeans here in the US and has promised to ramp up purchases in order to comply with commitments it made under the Phase One trade deal. China has remained a very active buyer in South America even as it has increased Soybeans buying here in the US, so the overall amount taken from the US might not match the hopes of the trade. Brazil prices have been creeping higher for the rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US and Argentina for additional supplies. The US weather is considered good for growing Soybeans at this time with rains seen over the weekend. Ideas are that USD will show slight deterioration in crop conditions this week but better conditions next week.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 889 and 920 July. Support is at 870, 865, and 861 July, and resistance is at 881, 896, and 898 July. Trends in Soybean Meal are mixed to up with objectives of 292.00 and 298.00 July. Support is at 286.00, 282.00, and 280.00 July, and resistance is at 290.00, 292.00, and 294.00 July. Trends in Soybean Oil are mixed to up with objectives of 2960 and 3100 July. Support is at 2820, 2780, and 2700 July, with resistance at 2890, 2970, and 3050 July.

CANOLA AND PALM OIL
General Comments: World vegetable oils markets were higher last week. Palm Oil closed higher last week after news of renewed demand interest from India and China and on reports of less production from Malaysia. SGS and Amspec reported improved exports in its data last week. Higher world petroleum prices helped with ideas of increased bio fuels demand Palm Oil has been hoping for better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Soybean Oil and Canola were higher. Soybean Oil found support on increased demand ideas partly fueled by higher world petroleum prices. Canola fell initially on improved growing conditions in the Canadian Prairies. Canola has found support from the weaker Canadian Dollar and ideas that not all areas were in good shape. The weather has been warmer the past couple of weeks after weeks of cold and wet weather.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 475.00 and 480.00 July. Support is at 470.00, 468.00, and 466.00 July, with resistance at 478.00, 482.00, and 488.00 July. Trends in Palm Oil are up with objectives of 2510 and 2650 September. Support is at 2410, 2370, and 2350 September, with resistance at 2500, 2580, and 2620 September.