Grains Report - Monday, June 7

WHEAT
General Comments: Winter Wheat markets were higher in all three markets as the weather forecasts turned drier in the northern Great Plains. Spring Wheat areas of the US and Canada should be hot and dry for the next several days, but then some showers are possible in the region, but mostly in Canada. Showers and rains were seen in parts of Western Texas and in Oklahoma. More showers are in the forecast in western Texas. Some rains would be very beneficial for planting and initial growth of the Spring Wheat while the drier but still wet weather would help Winter Wheat crops. Demand remains disappointing but the production might not be there for better demand in the coming year. Corn prices are high so demand for feed wheat could increase.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to above normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 719 and 759 July. Support is at 669, 667, and 658 July, with resistance at 702, 707, and 718 July. Trends in Kansas City are mixed. Support is at 618, 606, and 588 July, with resistance at 647, 653, and 677 July. Trends in Minneapolis are up with no objectives. Support is at 780, 761, and 738 July, and resistance is at 824, 830, and 836 July.

selective focus photo of plant

Image Source: Unsplash

RICE
General Comments: Rice prices were little changed in slow trading last week. Moderate precipitation and warmer temperatures are forecast for US growing areas. Rice areas have generally been wet and northern areas have been cool. Louisiana and parts of Texas are saturated. Warm temperatures are finally spreading north into Arkansas and Missouri and the crop progress is improving. Texas and Louisiana are almost out of Rice, but there is Rice available in the other states, especially Arkansas. Milling interest in Rice is said to be slow.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1320, 1311, and 1309 July, with resistance at 1338, 1344, and 1347 July.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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