WHEAT
General Comments: Winter Wheat markets were higher as the weather turned better for crop development. Prices tested resistance areas early in the week and then failed, but still closed with small gains. US weather is much improved with some precipitation reported in much of the western Great Plains. Only southwest Kansas and southeast Colorado remain dry. It was very warm last week, but wetter and cooler weather is expected this week. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been light. Western Australia is expected to get some rains this week and conditions are improving. The rains in the US are the most substantial and will have helped solve the longer-term drought problem out there. The showers in Ukraine and Russia are too late to give much help, but some plants will become better established. The demand has held well and world prices remain high. The market in Russia has remained high on limited supply as farmers hold the Wheat back due to the drought.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should see dry weather this week and showers this weekend. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should trend to near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 598, 591, and 587 December, with resistance at 616, 626, and 636 December. Trends in Kansas City are mixed to up with objectives of 583 December. Support is at 550, 546, and 536 December, with resistance at 581, 585, and 588 December. Trends in Minneapolis are mixed. Support is at 551, 547, and 540 December, and resistance is at 572, 576, and 579 December.

RICE
General Comments: Rice was higher in choppy trading last week. Export demand has been strong in general but was very weak last week. 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 mostly over in northern states with good field yields reported. Southern Louisiana and Texas are harvesting the second crop and yield reports have been good. Producers had to endure Hurricane Delta and then Zeta in Louisiana, and some of the second crop Rice got hurt. Quality is said to be very good everywhere.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1234, 1223, and 1220 January, with resistance at 1250, 1257, and 1262 January.

CORN AND OATS
General Comments: Corn and Oats were higher last week on some great export demand in the Corn market and hopes for more great demand, especially from China. The next WASDE reports will be released tomorrow and traders expect USDA to increase export demand and cut slightly demand for ethanol production. Traders also expect USDA to show less production for the US and potentially also in Ukraine and South America. US weather was great for harvesting last week with warn and dry conditions for much of the Midwest. Yield reports have generally been good except for the drought and derecho areas of Iowa. Ukraine has been in drought and southern Brazil, Uruguay, Paraguay, and into northern Argentina have also experienced drought.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 424 and 435 December. Support is at 404, 398, and 393 December, and resistance is at 417, 422, and 423 December. Trends in Oats are mixed to up with objectives of 3112, 322, and 331 December. Support is at 196, 291, and 280 December, and resistance is at 308, 310, and 312 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal closed higher despite less Chinese demand. China has not appeared in the daily sales announcements from USDA in over two weeks now and the market is feeling the loss. China still needs to buy for crushers but appears to have bought what was necessary for the reserve. The weather in the US is good for any remaining harvest as it was drier and warmer last week. The weather in South America is improved. Showers and rains have fallen in most of Brazil and much of Argentina. Southern Brazil and Paraguay have missed out on the good rains but did get a few showers. Soybeans are actively being planted in central and northern Brazil. The next USDA WASDE report is out tomorrow and traders look for reduced ending stocks estimates due to increased exports and slightly smaller US production.
Overnight News: Unknown destinations bought 123,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with no objectives. Support is at 1080, 1075, and 1063 January, and resistance is at 1112, 1124, and 1136 January. Trends in Soybean Meal are mixed to up with objectives of 405.00 December. Support is at 384.00, 380.00, and 375.00 December, and resistance is at 394.00, 397.00, and 499.00 December. Trends in Soybean Oil are up with objectives of 3650 and 3770 December. Support is at 3480, 3440, and 3400 December, with resistance at 3590, 3620, and 3650 December.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher on ideas of decreasing production and private reports of stronger demand. It was higher again today. Ideas are that MPOB can show lower ending stocks this month. Chart trends are up. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. Soybean Oil and Canola were higher on weaker US and world production estimates and strong demand ideas. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are mostly sideways in Soybean Oil and in Canola. Canola farmers have reduced selling by now so demand is chasing after fewer supplies. The Canadian Dollar is higher but Canola is still considered relatively cheap in the world market. Harvest in the Prairies is done and yields are reported to be very strong.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 563.00 January. Support is at 540.00, 533.00, and 529.00 January, with resistance at 553.00, 556.00, and 559.00 January. Trends in Palm Oil are up with objectives of 3260 and 3440 January. Support is at 3120, 3070, and 3030 January, with resistance at 3250, 3280, and 3310 January.