Grains Report - Monday, March 1


General CommentsWheat markets were a little higher last week except for HRW futures that were lower and held to recent trading ranges on the weekly charts. The daily charts show a breakout higher and then a collapse back into the trading range. The late-week selling came in part in response to the weaker-than-expected export sales report on Thursday. Futures were higher on the threat of Winterkill in the western Great Plains. 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. However, it seems that the freeze is part of the price for now.

Overnight News: The southern Great Plains should get scattered to isolated showers. Temperatures should be near to below normal. Northern areas should see scattered to isolated showers. Temperatures will be near to below normal. The Canadian Prairies should see scattered showers. Temperatures should average near to below normal.

Chart Analysis: Trends in Chicago are mixed. Support is at 648, 642, and 637 May, with resistance at 672, 680, and 688 May. Trends in Kansas City are mixed. Support is at 626, 616, and 608 May, with resistance at 645, 652, and 664 May. Trends in Minneapolis are mixed. Support is at 635, 628, and 625 May, and resistance is at 650, 659, and 662 May.


General Comments: Rice was lower last week. The export sales report was strong and featured sales to Japan and Venezuela. The cash market has not felt any increased demand lately and mill operations are reported to be on the slow side. Exports had been strong until recently and were moderate last week. Texas is about out of Rice, but there is Rice available in the other states. Asian and Mercosur markets were mixed to form last week but this has not yet affected the US world price that much.

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