WHEAT
General Comments: All three markets closed lower last week, and the Winter Wheat markets traded to new lows for the move. 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. Rain is moderate in the southern Midwest and Mid South. Chart trends are turning down in Winter Wheat markets and mixed in Minneapolis. Enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still a main feature. Overall demand for world Wheat has been weak. The first part of the week will be dominated by the USDA production and suppl and demand reports.
Chart Analysis: Trends in Chicago are mixed to down. Support is at 516, 510, and 504 July, with resistance at 540, 545, and 548 July. Trends in Kansas City are down. Support is at 511, 506, and 500 July, with resistance at 531, 547, and 557 July. Trends in Minneapolis are mixed to down. Support is at 590, 584, and 578 July, and resistance is at 606, 617, and 621 July.

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RICE
General Comments: Rice closed lower last week despite improved weekly export sales. The report showed improved sales but was not strong enough to excite anyone as the sales were not that strong. This week marks the release of the USDA production and supply and demand reports. The cash market has been slow with mostly quiet domestic markets and average export demand. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. 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 is planted in southern growing areas now and is about half done farther to the north. Condition has been rated as good so far by private sources.
Chart Analysis: Trends are down. Support is at 1255, 1225, and 1212 July and resistance is at 1310, 1337, and 1346 July.

CORN AND OATS
General Comments: Corn closed lower last week as the market reacted to better planting weather in the Midwest. Warmer and drier weather is in the forecast. Demand for Corn in domestic and world markets remains strong with sales and shipments of above 1.6 million tons in the latest reporting week. It has become warmer and drier in much of the Midwest and planting progress is expected to be much improved this week. Oats were lower, and the trends are mixed in this market after futures could not hold at new highs for the move early in the week.
Chart Analysis: Trends in Corn are down. Support is at 442, 438, and 432 July, and resistance is at 462, 470, and 480 July. Trends in Oats are mixed. Support is at 336, 332, and 326 July, and resistance is at 350, 353, and 362 July.

SOYBEANS
General Comments: All three markets were lower last week on reports that Brazil prices were now competitive with those from the US in world markets. China and the US were meeting this weekend in Geneva, Switzerland. No breakthroughs were expected but it was hoped that the talks would be smooth and cordial. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were lower as the weather is forecast to be much better for planting this week. Warmer temperatures and drier conditions are expected this week.
Overnight News Mexico bought 120,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 1037, 1021, and 1009 July, and resistance is at 1062, 1067, and 1070 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 4730, 4650, and 4620 July, with resistance at 4920, 5010, and 5110 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week and the market was closed today for a holiday. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was higher last week despite forecasts for improved planting and development conditions in the Prairies. Trends are mixed on the daily charts and on the weekly charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Chart Analysis: Trends in Canola are mixed. Support is at 689.00, 680.00, and 662.00 July, with resistance at 714.00, 720.00, and 726.00 July. Trends in Palm Oil are mixed to down. Support is at 3720, 3660, and 3600 July, with resistance at 3970, 4030, and 4150 July.

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