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.

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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.

CORN AND OATS
General Comments: Corn and Oats closed higher as forecasts for the Midwest changed for the second time last week. Hot and dry weather is forecast for the Great Plains and Midwest this week and hot and dry conditions continue in central and northern Brazil. Some showers are now in the forecast for the Midwest in the second week. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer. There are problems with the production potential for the Safrinha crop in Brazil as growing areas have been warm and dry and look to stay that way longer term. Reports indicate that crops are being stressed due to the lack of rain. It is drier in central and parts of northern Brazil, but southern Safrinha areas got some timely and somewhat beneficial precipitation last week.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 666, 653, and 637 July, and resistance is at 697, 703, and 718 July. Trends in Oats are up with objectives of 402, 416, and 448 July. Support is at 387, 378, and 375 July, and resistance is at 400, 406, and 423 July.

SOYBEANS

General Comments: Soybeans and the products were higher on Friday and Soybeans and Soybean Oil were higher for the week. Soybean Meal closed near unchanged for the week. Forecasts for hot and dry weather this week in the Midwest and Great Plains but showers are in the forecast for later this week. China should start with new US Soybeans purchases soon for Fall delivery and reports indicate they are now asking for offers. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US. There is still crush demand and a little export demand even though the demand is less now than before. The US does not have a lot of Soybeans in the country anymore as most producers have already sold. Buyers are scrambling for what is left. Brazil is rapidly exporting Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1620, 1685, and 1720 July. Support is at 1542, 1538, and 1525 July, and resistance is at 1589, 1610, and 1640 July. Trends in Soybean Meal are mixed. Support is at 389.00, 386.00, and 378.00 July, and resistance is at 396.00, 404.00, and 407.00 July. Trends in Soybean Oil are mixed to up with objectives of 6950 and 7160 July. Support is at 6870, 6720, and 6620 July, with resistance at 7210, 7280, and 7340 July.

CANOLA AND PALM OIL

General Comments: Palm Oil was lower last week. It was closed today for aw holiday. There are fears of global shortages of vegetable oils now. Demand has been less so far this month and the market fears the loss of Indian demand due to the big Coronavirus outbreak in India that could cut demand. However, prices are very high in India and imports are needed. Ideas of tight supplies are still around but supplies are expected to increase in the short term. Canola was in a trading range on forecasts for wetter weather in growing areas agains some showers reported in growing areas last week. Weakening demand ideas were negative for prices as were ideas that the Canadian Dollar is ready to move much higher. Demand is thought to be OK with crush margins favoring a lot of production of vegetable oils to feed the demand but less exports. The demand for bio fuels is about to increase and is one reason to see much stronger Soybean Oil and Canola prices.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 848.00, 837.00, and 828.00 July, with resistance at 920.00, 962.00, and 966.00 July. Trends in Palm Oil are up with objectives of 4390 and 5620 July. Support is at 4110, 3970, and 3850 August, with resistance at 4200, 4320, and 4420 August.