Grains Report - Monday, March 15

WHEAT

General Comments: Wheat markets were lower and were led lower by the HRW market. The weekly charts show down trends in HRW and SRW. Minneapolis trends are mixed. Demand was a problem once again as the weekly export sales report last week showed poor sales. Ideas are that rain that is falling in the Great Plains will help injured Winter Wheat. The threat of Winterkill production losses in the western Great Plains now appears to be part of the price. Temperatures dropped below 0F in many areas and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold. USDA issued its latest WASDE estimates early last week and made no important changes to domestic or world estimates.

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 isolated showers or dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 644 and 632 May. Support is at 637, 632, and 626 May, with resistance at 658, 663, and 669 May. Trends in Kansas City are down with objectives of 589 and 563 May. Support is at 600, 592, and 579 May, with resistance at 620, 623, and 628 May. Trends in Minneapolis are mixed. Support is at 629, 620, and 605 May, and resistance is at 644, 652, and 659 May.

variety of assorted-color beans

Image Source: Unsplash

RICE
General Comments: Rice was lower once again on what appeared to be light volume speculative selling. Trading was very quiet for the day and the week. Futures are searching for news to ignite another rally or to prompt further selling. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. Exports were moderate last week. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to firm last week.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed to down with objectives of 1286, 1270, and 1252 May. Support is at 1292, 1290, and 1243 May, with resistance at 1317, 1321, and 1325 May.

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