Grains Report - Saturday, March 27

Midwest Weather Forecast: Rains off and on into next week. Temperatures should average near normal.


General Comments: Winter Wheat markets were lower with Chicago SRW once again the weakest market. Speculators appeared to be the best sellers and sold on reports of some rains in Texas and a stronger US Dollar. Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year. Ideas are that rain that is falling in the Great Plains will help injured Winter Wheat. Temperatures dropped below 0 degrees F in many areas a few weeks ago and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be variable. Northern areas should see scattered showers. Temperatures will be near to below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are down with objectives of 600 and 578 May. Support is at 600, 599, and 592 May, with resistance at 621, 631, and 644 May. Trends in Kansas City are down with objectives of 563 and 450 May. Support is at 560, 551, and 543 May, with resistance at 575, 591, and 602 May. Trends in Minneapolis are mixed to down with objectives of 608, 601, and 590 May. Support is at 615, 610, and 605 May, and resistance is at 622, 630, and 637 May.


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