WHEAT
General Comments: Winter Wheat markets closed higher last week in recovery trading and on ideas that the market was very oversold. Minneapolis was much lower as rains moved into growing areas and the crop conditions showed significant improvement. 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. Temperatures should be much cooler in most growing areas this week. Chart trends are mixed. 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 around. It is hot and dry in important parts of the EU and China. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 504, 498, and 492 July, with resistance at 533, 540, and 548 July. Trends in Kansas City are down. Support is at 500, 494, and 488 July, with resistance at 531, 547, and 557 July. Trends in Minneapolis are mixed to down. Support is at 572, 566, and 560 July, and resistance is at 606, 617, and 621 July.

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CORN AND OATS
General Comments: Corn was a little higher last week as the market reacted to better planting weather in the Midwest. Cooler and drier weather is in the forecast for the coming week after a arm week last week. The somewhat bullish USDA report released on Monday has had little effect on the price action so far this week. 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 been 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 about steady in this market.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down. Support is at 432, 426, and 420 July, and resistance is at 452, 459, and 463 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: Soybeans and the products were higher in response to the release of the proposed EPA biofuels mandates. A sharp increase in the use of biofuels is desired by the agency. Export demand is in its seasonal doldrums. Brazil prices remain below those from the US in world markets as basis levels dropped there in response to the tariff news between the US and China. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Cooler temperatures and drier conditions are expected this week after az warm and wet late week last week.
Overnight News Philippines bought 145,000 tons of US Soybean Meal
Analysis: Trends in Soybeans are mixed. Support is at 1046, 1037, and 1027 July, and resistance is at 1082, 1088, and 1105 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. Support is at 4770, 4730, and 4610 July, with resistance at 5020, 5110, and 5260 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher last week despite late week selling in response to weakness in Soybean Oil. It eas higher today as Soybean Oil rallied. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was sharply lower last week on the price action in Chicago and forecasts for improved planting and development conditions in the Prairies. Trends are turning 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.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 686.00, 680.00, and 662.00 July, with resistance at 716.00, 735.00, and 738.00 July. Trends in Palm Oil are mixed. Support is at 3770, 3710, and 3650 August, with resistance at 3990, 4040, and 4130 August.

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