WHEAT

General Comments: Wheat closed higher last week on speculative buying and despite reports of weaker prices paid in Russia and Argentina.  No USDA reports were released due to the government shutdown.  Russian crop areas remain too dry in Winter Wheat areas and too wet in Spring Wheat areas, but crop size ideas are expected to increase due to reports of big yields in Spring Wheat growing areas.  A French government report showed plenty of production but lower quality.  Rains have been good in the northern Great Plains and Canada.  It has been warm in the Great Plains so far this Fall.  Southern hemisphere crops appear to be good.

Chart Analysis: Trends in Chicago are mixed to down.  Support is at 492, 490 and 484 December, with resistance at 507, 513, and 518 December.  Trends in Kansas City are mixed.  Support is at 477, 472, and 466 December, with resistance at 496, 501, and 507 December. Trends in Minneapolis are not available.

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RICE

General Comments: Rice was a little lower in choppy and two sided trading last week. Trends are still turning down in the market. The harvest is wrapping up in Texas and southern Louisiana.  Harvest is now wrapping up in Mississippi and Arkansas.  Yields and quality are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.  Louisiana reports good but not great yields and quality.

Chart Analysis: Trends are mixed.  Support is at 1052, 1040, and 1028 November and resistance is at 1098, 1126, and 1145 November.

CORN AND OATS

General Comments: Corn was higher last week on speculative buying.  Most USDA reports are cancelled as the government is still closed.  The harvest is active in all areas of the Midwest.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Yield reports are showing at or above APH yields in western areas, with very good crops reported in Minnesota.  Yields have been reported at or less than APH in areas east of the Mississippi River.  Temperatures should average near to above normal this week and there are forecasts for mostly dry conditions.  Most of the western Midwest has seen adequate or greater precipitation and production ideas are high.  Areas east of the Mississippi River have been very dry for the last month or more.  Demand for Corn in world markets remains moderate to strong.  Oats were a little lower.

Overnight News:

Chart Analysis:  Trends in Corn are mixed.  Support is at 408, 405, and 402 December, and resistance is at 424, 428, and 431 December.  Trends in Oats are down.  Support is at 283, 277, and 271 December, and resistance is at 300, 308, and 311 December.

SOYBEANS

General Comments: Soybeans and the products were higher last week as the trade war between the US and China continued.  Traders are looking forward to positive results from the meeting between Trump and Xi near the end of the month.  China has shown no interest in buying US ag products and Trump has now threatened to regulate cooking oil imports from China in a new escalation in the war.  Forecasts call for mostly dry conditions to be seen in the Midwest this and next week.  Temperatures will average near or above normal.  Prices are still higher in Brazil, but China and other buyers are still buying there for political reasons.  Export demand remains less for US Soybeans as China has been taking almost all the export from South America due to the Trump tariff regime.

Analysis:  Trends in Soybeans are mixed to down.  Support is at 994, 981, and 970 November, and resistance is at 1021, 1030, and  1036 November.  Trends in Soybean Meal are mixed.  Support is at 271.00, 268.00, and 265.00 December, and resistance is at 282.00, 286.00, and 290.00 December.  Trends in Soybean Oil are mixed.  Support is at 4920, 4890, and 4770 December, with resistance at 5180, 5220, and 5390 December.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were a little lower last week on news that Indonesia was considering increasing a tax on exports of Crude Palm Oil.  Futures were closed toda for a holiday.  The market sentiment overall is bullish despite some concerns about Indian demand Canola was higher as the US Dollar was weaker and as Canada and China agreed to negotiate trade issues that have included a ban on imports of Canadian Canola by China. Trends are mixed on the daily charts and on the weekly charts.

Chart Analysis: Trends in Canola are mixed.  Support is at 596.00, 590.00, and 584.00 November, with resistance at 625.00, 630.00, and 640.00 November.  Trends in Palm Oil are mixed to up.  Support is at 4470, 4410, and 4360 January, with resistance at 4570, 4620, and 4630 January.

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