Grains Report - Monday, Nov. 30

WHEAT
General Comments: Winter Wheat markets were higher with HRW futures leading the way. HRW could be breaking out to the upside. The charts show that more moves higher are likely over time. World prices have held steady or worked a little higher even with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward. US weather is mixed with good conditions in the majority of the country but still dry conditions in the western Great Plains. Some precipitation was reported in the Great Plains last week, but it fell mostly in eastern areas and not in the west. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia conditions are good after some rains. The demand has held well and world prices remain high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be below normal. Northern areas should see mostly dry conditions. Temperatures will be below normal. The Canadian Prairies should see scattered snow showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 597, 589, and 585 March, with resistance at 602, 623, and 629 March. Trends in Kansas City are mixed. Support is at 550, 547, and 539 March, with resistance at 575, 586, and 592 March. Trends in Minneapolis are mixed. Support is at 559, 555, and 553 March, and resistance is at 573, 581, and 586 March.

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RICE
General Comments: Rice was higher last week as prices rallied to new recent highs on Friday. Trading volumes have been less for the last couple of weeks. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over with good field yields reported. Southern Louisiana and Texas are harvesting the second crop and yield reports have been good. Quality is said to be good to very good everywhere.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are up with objectives of 1277 and 1308 January. Support is at 1262, 1248, and 1245 January, with resistance at 1276, 1280, and 1291 January.

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