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.

CORN AND OATS
General Comments: Corn was slightly lower as forecasts call for hot and dry conditions this week but rains and cooler temperatures starting this weekend. The crops really need some water and there is not much if any water coming until this weekend at the earliest. The corn is firing due to the conditions and some of the corn is shutting down prematurely. Wetter and cooler weather is expected this weekend but many observers say that the rains will be too late to help some of the crops. Most of the rains will be to the south and east, but western areas should get some storms and showers in the region.
Overnight News: China bought 747,000 tons of US Corn and unknown destinations bought 140,000 tons of US Corn.
Chart Analysis: Trends in Corn are up with objectives of 343 and 354 September. Support is at 334 332, and 326 September and resistance is at 341, 346, and 352 September. Trends in Oats are mixed to down with objectives of 253 September. Support is at 260, 252, and 249 September, and resistance is at 272, 278, and 280 September.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were higher on the bad Midwest weather and on new Chinese demand. China has been a very strong buyer of US new crop Soybeans and the US now has record sales on the books. Brazil prices are higher for the rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US for additional supplies. The US weather is considered bad for Soybeans with hot and dry conditions this week. There are reports of small beans in pods and some pods being aborted already. The hot and dry conditions this week will only add to stress in Soybeans. Cooler and wetter weather is forecast for this weekend and into next week.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 929 September. Support is at 914, 908, and 897 September, and resistance is at 920, 927, and 934 September. Trends in Soybean Meal are mixed to down with objectives of 289.00 and 284.00 September. Support is at 287.00, 285.00, and 284.00 September, and resistance is at 293.00, 299.00, and 301.00 September. Trends in Soybean Oil are up with objectives of 3270 and 3290 September. Support is at 3190, 3150, and 3100 September, with resistance at 31290, 3360, and 3430 September.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher along with Chicago and Dalian Soybean Oil. Export demand for Malaysian Palm Oil is down about 16% this month. Canola closed higher on Chicago Soybean Oil price action. Crop conditions are mostly good and farmers have been selling old crop supplies. The weather has been warmer the past couple of weeks and most areas have seen rain.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 495.00 and 498.00 November. Support is at 487.00, 483.00, and 481.00 November, with resistance at 493.00, 498.00, and 502.00 November. Trends in Palm Oil are mixed. Support is at 2570, 2530, and 2450 November, with resistance at 2700, 2760, and 2790 November.