WHEAT
General Comments: All three Wheat markets closed higher despite forecasts for improved growing conditions at home and abroad. There are still reports that the weather has reduced production potential in Ukraine and Russia and reports of dry weather in some parts of the EU and China. Russia is forecasting a large reduction in Wheat production for the coming year. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry. Some rain was seen in the northern Great Plains last week and wetter and warmer conditions are now forecast. It is too wet in the Delta and Southeast. Overall demand for world Wheat has been weak.
Chart Analysis: Trends in Chicago are mixed Support is at 527, 520 and 514 July, with resistance at 556, 561, and 569 July. Trends in Kansas City are mixed. Support is at 523, 514, and 508 July, with resistance at 557, 563, and 574 July. Trends in Minneapolis are up. Support is at 608, 596, and 590 July, and resistance is at 640, 645, and 659 July.

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RICE
General Comments: Rice was higher last week and at new weekly highs for the mover. Chart trends are up on the daily charts. There is still a lot of speculative buying seen in the market that is thought to be mostly short covering, but commercial buying has been very strong as well. The cash market has been slow with mostly quiet domestic markets and average export demand. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice has emerged in most growing areas now. Condition has been rated as good so far by private sources and USDA.
Chart Analysis: Trends are mixed to up. Support is at 1315, 1282, and 1261 July and resistance is at 1369, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was a little lower last week despite ideas of strong demand and less improvement in crop conditions than was anticipated by the trade. July lost to December on the spreads and is now trading under December after trading 35 higher just a few months ago. Forecasts for improved growing conditions in the Midwest through this weekend were a reason to sell. Warmer and drier weather is in the forecast for this week, although temperatures were a little below normal over the weekend. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. Most of the Midwest has seen adequate or greater precipitation and it is still too wet in the eastern and southern parts. Demand for Corn in world markets remains strong. Oats were a little higher.
Chart Analysis: Trends in Corn are mixed. Support is at 434, 431, and 428 July, and resistance is at 456, 465, and 470 July. Trends in Oats are mixed. Support is at 375, 371, and 367 July, and resistance is at 390, 396, and 402 July.

SOYBEANS
General Comments: Soybeans were higher and Soybean Meal was lower last week. Forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard. The market could remain under pressure as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Warmer temperatures and drier conditions are expected this week after a cold and wet week last week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. Most of the Midwest has seen adequate or greater precipitation and it is still too wet in southern and eastern areas.
Analysis: Trends in Soybeans are mixed. Support is at 1028, 1021, and 1009 July, and resistance is at 1060, 1073, and 1082 July. Trends in Soybean Meal are mixed. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are mixed to down. Support is at 4580, 4530, and 4430 July, with resistance at 4800, 4900, and 5030 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little higher last week after trading in a narrow range all week. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing production and reduced demand are also heard. Canola was a little higher last week after a rebound from lower prices on Friday. Trends are mixed to up on the daily charts and mixed on the weekly charts. The weather has generally been dry for planting and crop development in the Prairies with warm and dry weather around lately.
Chart Analysis: Trends in Canola are mixed to down. Support is at 680.00, 662.00, and 649.00 July, with resistance at 717.00, 735.00, and 741.00 July. Trends in Palm Oil are mixed to up. Support is at 3850, 3770, and 3710 August, with resistance at 3990, 4040, and 4130 August.

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