WHEAT
General Comments: Wheat was mostly lower last week in anticipation of a bad weekly export sales report that showed bad sales, but Chicago SRW closed slightly higher. Trends are still turning up in these markets. It looks like the current prices have accounted for most or all of the bad news to hit Wheat futures. USDA made no changes to its balance sheets last week. Big world supplies and low world prices are still around. Export sales remain weak on competition from Russia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. It is warm in the US and Canada this week. Black Sea offers are still plentiful.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 528, 524, and 518 May, with resistance at 556, 560, and 572 May. Trends in Kansas City are mixed to down with no objectives. Support is at 552, 546, and 540 May, with resistance at 569, 580, and 594 May. Trends in Minneapolis are mixed to down with no objectives. Support is at 641, 635, and 629 May, and resistance is at 660, 677, and 681 May.

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RICE
General Comments: Rice closed higher last week and trends are sideways on the daily charts in this market. Good demand for export continues. The overseas markets feature less production in Brazil and India and it appears that the lack of offer from these markets is supporting increased demand for US Rice and prices here in the US. Warmer and wetter weather is expected this week and next on the Delta and Texas and soil moisture conditions for the next crop should improve.
Overnight News:
Chart Analysis: Trends are mixed to down with no objectives. Support is at 1773, 1759, and 1751 May and resistance is at 1803, 1827, and 1845 May.

CORN AND OATS
General Comments: Corn was higher last week but Oats closed lower. Demand for Corn has been strong at lower prices and a weaker US Dollar. Big supplies and reports of limited demand are still around, but futures have been very oversold. Futures are much lower than just a few months ago and a short covering rally is increasingly expected and might be under way. Funds remain very large shorts in the market. Basis levels have started to firm in the US as processors look for supplies amid tight farmer holding patterns. The weather forecasts for Argentina are improving with more showers and rains expected this week. More rain is forecast for central and northern Brazil The planting progress reports to date indicate rapid progress.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 432, 429, and 422 May, and resistance is at 446, 448, and 459 May. Trends in Oats are mixed. Support is at 362, 356, and 349 May, and resistance is at 374, 376, and 3769 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed higher last week despite ideas of weak export demand in the USDA reports released Thursday as the weather in Brazil became dry in northern areas again and as world demand for Brazil beans remained high. Reports of stronger basis levels and great export demand in Brazil provide some support. Report indicate that China has been a very active buyer of Brazil Soybeans in the last week. Ideas that South American production is taking demand from the US have pressured futures lower. Funds remain very large shorts in the market. Basis levels in the country are reported to be firming as processors look for supplies and farmers remain tight holders. Rains are in the forecast in Argentina. Such rains would be beneficial for reproducing Corn and Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1220 and 1229 May. Support is at 1175, 1165, and 1153 May, and resistance is at 1204, 1214, and 1233 May. Trends in Soybean Meal are mixed to up with objectives of 344.00 and 353.00 May. Support is at 326.00, 329.00, and 307.00 May, and resistance is at 345.00, 348.00, and 352.00 May. Trends in Soybean Oil are mixed to up with objectives of 4880, 4960, and 5070 May. Support is at 4810, 4690, and 4620 May, with resistance at 6000, 5050, and 5100 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on production problems in Southeast Asia and as the export pace is expected to really improve. Futures were higher today. Domestic biofuels demand is also likely to improve. Ideas of weaker production ideas against good demand still support the market overall. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are up on the daily charts. Canola was higher with Chicago and Malaysia. There are still forecasts for better rains in Argentina after a dry spell ends in a week or so and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 632.00 and 662.00 May. Support is at 610.00, 602.00, and 594.00 May, with resistance at 638.00, 644.00, and 653.00 May. Trends in Palm Oil are up with no objectives. Support is at 4120, 4050, and 4010 May, with resistance at 4260, 4290, and 4320 May.

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Softs Report - Tuesday, March 12