WHEAT
General Comments: Wheat was a little higher last week in Chicago and Minneapolis, but lower in Kansas City after more reports of frosts and freezing temperatures in Russian growing areas. Reports indicate that Russia will still have plenty of Wheat for export in the coming year. USDA issued its latest reports Friday and included a field survey of Winter Wheat production. Winter Wheat production was estimated at 1.288 billion bushels which was a little below the average trade estimate. Ending stocks for Wheat were also below the trade estimate at 766 million bushels. The Kansas Wheat Tour has been this week and has found the best crop in five years with yields over 43 bushels per acre. The weather is still a key, with extreme dryness reported in Russia and parts of the US and too wet conditions reported in Europe. The weekly export sales report showed improved sales. 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. Black Sea offers are still plentiful, but Russia has been bombing Ukraine again and shipments might be hurt from that origin.
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 above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 647, 632, and 610 July, with resistance at 697, 706, and 712 July. Trends in Kansas City are up with no objectives. Support is at 646, 640, and 630 July, with resistance at 710, 716, and 722 July. Trends in Minneapolis are up with objectives of 747 July. Support is at 710, 700, and 697 July, and resistance is at 731, 758, and 764 July.

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RICE
General Comments: Rice closed mixed on Friday in consolidation trading, with July lower but the new crop months higher. Futures were lower for the week. The futures market overall remained in a short term trading range. The USDA export sales report indicated moderate sales. Support comes from adverse weather in South American growing areas while new selling is noted from the potential for a big crop in the US. The big US crops are now in doubt from reports of extreme rains in southern growing areas and especially near Houston. Some more big storms are coming to this region in the next few days. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall. These ideas are reflected in the prices seen in the old crop and the new crop.
Overnight News:
Chart Analysis: Trends are down with no objectives. Support is at 1827, 1785, and 1750 July and resistance is at 1945, 1955, and 1972 July.

CORN AND OATS
General Comments: Corn and Oats closed lower last week. The USDA reports are helping to support futures as are ideas of better demand. USDA estimated high production at 14.860 billion bushels, but ending stocks were a little below trade expectations at 2.102 billion bushels. USDQ anticipates better demand for US Corn with the cheaper prices seen now. USDA made no real changes to South American production estimates. The Argentine crop has been hit by stunting disease that robs yields and the Brazil Winter crop is suffering from hot and dry weather. Demand has been the driving force behind the rally but now South American weather is the driving force. Increased demand was noted in most domestic categories along with rising basis levels, and export demand has been strong. Ethanol demand has turned less due to weaker petroleum prices seen lately. There is very dry weather for the Winter crops in central and northern Brazil
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 450, 444, and 440 July, and resistance is at 457, 467, and 475 July. Trends in Oats are down with no objectives. Support is at 357, 350, and 343 July, and resistance is at 383, 390, and 403 July.

SOYBEANS
General Comments: Soybeans and the products closed a little higher last week. Soybean Oil was higher on spreads against Soybean Meal. Soybean Meal was only slightly higher. Support for Soybeans came from reports of excessive rains falling in US growing areas, especially the eastern sections of the Midwest. USDA released its first estimates for the coming crop year and held production potential at high levels at 4.450 billion bushels. Export and domestic demand were increased but ending stocks also were estimated higher qt 450 million bushels. Futures rallied anyway and the rally on what appeared to be negative news can often mean that higher prices are coming this week and for the next couple of weeks. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil. Oil demand has suffered as cheaper alternatives for feedstocks hit the bio fuels market.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1204, 1192, and 1187 July, and resistance is at 1250, 1256, and 1260 July. Trends in Soybean Meal are mixed. Support is at 366.00, 361.00, and 350.00 July, and resistance is at 388.00, 390.00, and 396.00 July. Trends in Soybean Oil are mixed. Support is at 4230, 4200, and 4140 July, with resistance at 4610, 4690, and 4780 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on Chicago price action and despite news of weaker exports. There is also talk of increased supplies available to the market, but the trends are turning mixed on the daily and weekly charts. Canola was higher despite weaker prices in world vegetable oils markets as the market pays attention to Chicago price action and the flooding in Brazil. Farmers concentrate on fieldwork and not selling.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 688.00 and 723.00 July. Support is at 647.00, 639.00, and 616.00 July, with resistance at 689.00, 696.00, and 702.00 July. Trends in Palm Oil are mixed. Support is at 3780, 3760, and 3720 July, with resistance at 3810, 3850, and 3890 July.

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