Grains Report - Thursday, Aug. 27

WHEAT
General Comments: Winter Wheat markets were higher AS \Hurricane Laura was to come onshore in Texas and Louisiana and bring potentially heavy rains into the MidSouth. There is potential for a little SRW to be lost but most of the harvest should be complete.. Europe remains high priced due to drought in France, but improving yield reports in Russia have hurt prices in the Black Sea. Spring Wheat was developing under good growing conditions in both the US and Canada. Yield reports from the central and southern Great Plains have been variable, but generally a little better than expected. Soft Red Winter yields are high. Russian Winter Wheat yields have improved over time as harvesters move into areas that had better-growing conditions, but Spring Wheat yields are expected to be variable due to declining crop conditions in those growing areas. Australia remains in good condition. About half of the Argentine Wheat belt is still too dry.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average near to above normal. The Canadian Prairies should see isolated showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 565 September. Support is at 524, 517, and 514 September, with resistance at 534, 540, and 544 September. Trends in Kansas City are mixed. Support is at 433, 426, and 420 September, with resistance at 452, 456, and 458 September. Trends in Minneapolis are mixed. Support is at 510, 500, and 495 September, and resistance is at 520, 528, and 543 September.

RICE
General Comments: Rice was higher as Hurricane Laura made its way to the Louisiana and Texas coasts. Most areas in Texas and Louisiana have been harvested. Marco became much weaker as it approached Louisiana and has not been a threat but Laura has turned into a major hurricane. New crop prospects appear solid for increased production in the coming year. The area is larger and the growing conditions are mostly good. The crops are called in good condition in Mississippi, Arkansas, and Missouri and harvesting is about to start in those states. Texas and southern Louisiana field yield reports are strong. Quality is called average to above average. Export demand for the new crop Rice has been slow to develop as buyers wait for lower prices. Domestic demand has also been less. It looks like many buyers bought and hoarded Rice during the first pandemic scare and are now full of supplies.
Overnight News: The Delta should get big rains from Laura and Marco. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1204, 1190, and 1180 September, with resistance at 1232, 1245, and 1248 September.

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