WHEAT
General Comments: Wheat markets were lower in all three markets yesterday. The demand for US Wheat in international markets has been a disappointment all year and currently is hindered by low and aggressive offers from Russia. Ukraine is also looking for new business for its crops and Russia is aggressive in the world market as it looks for cash to fund the war. The daily charts for the Chicago markets show mixed trends and demand fundamentals remain bearish. Minneapolis trends are mixed. The demand for US Wheat still needs to show up and there is still no demand news to help support futures.
Overnight News: The southern Great Plains should get snow in northern areas. Temperatures should average below normal. Northern areas should see scattered snow showers. Temperatures will average below normal. The Canadian Prairies should see scattered snow showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 738, 731, and 724 March, with resistance at 769, 782, and 799 March. Trends in Kansas City are mixed. Support is at 841, 829, and 822 March, with resistance at 879, 885, and 896 March. Trends in Minneapolis are mixed. Support is at 907, 894, and 888 March, and resistance is at 922, 935, and 937 March.

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RICE
General Comments: Rice was a little lower yesterday in mostly quiet trading. There is not much going on in the domestic market right now. Trends have turned sideways on the daily charts. Most Rice farmers were not paying much attention to the market as they are involved in other pursuits such as hunting. Demand in general has been slow to moderate for Rice for both exports and domestic uses.
Overnight News: The Delta should get scattered showers. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1663, 1645, and 1628 January and resistance is at 1687, 1695, and 1707 January.

CORN AND OATS
General Comments: Corn closed slightly lower and Oats closed a little higher yesterday. Corn prices are still hurt by a general lack of demand. Corn is still finding some support on a lack of farmer selling. Weak demand overall for US Corn remains a big problem for the market. There are increasing concerns about demand with the Chinese economic problems caused by the lockdowns creating the possibility of less demand as South America has much better crops this year to compete with the US for sales. China is now moving rapidly to open the economy and allow people to move around with no lockdowns so the demand could start to improve. South American prices are currently cheaper than those in the US.
Overnight News: Mexico bought 101,600 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up with objectives of 665 and 680 March. Support is at 645, 635, and 634 March, and resistance is at 660, 668, and 6574 March. Trends in Oats are mixed. Support is at 335, 328, and 326 March, and resistance is at 347, 350, and 360 March.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher as dry weather is forecast again for southern Brazil and Argentina. Soybean Oil closed lower. Conditions in Brazil are called very good in central and northern areas but are dry in the south. Production potential for the country as a whole is called very strong. There was news that China has started to ease Covid restrictions after some demonstrations by the Chinese people. Ideas that Chinese demand will improve and that Brazil growing conditions are good and getting better in central and northern areas. Southern Brazil is hanging on. However, it remains dry in Argentina and the crops and the planting pace are suffering. Export demand for the US is improved. Domestic demand should be strong for Soybeans as the crush spreads are strong and provided crushers with a big profit margin for their crushing
Overnight News:
Chart Analysis: Trends in Soybeans are mixed Support is at 1454, 1451, and 1443 January, and resistance is at 1493, 1512, and 1518 January. Trends in Soybean Meal are mixed. Support is at 448.00, 442.00, and 437.00 January, and resistance is at 465.00 474.00, and 476.00 January. Trends in Soybean Oil are mixed to up with objectives of 6500 and 6750 January. Support is at 6200, 6070, and 6010 January, with resistance at 6540, 6570, and 6700 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher again today on ideas of better demand and less production, with production falling due to seasonal factors. Hopes for improved demand from China were reported but export demand overall has improved lately, especially rom India. China has tried to relax some Covid restrictions so that quarantines now need to be eight days instead of at least two weeks. However, new outbreaks of the virus are being reported so the cities are still imposing lockdowns. Ideas are that supply and production will be strong, but demand ideas are now weakening and the market will continue to look to the private data for clues on demand and the direction of the futures market. Demand reports for the current month were stronger yesterday. Canola was slightly lower. Ideas that Chinese demand can remain weak due to increased outbreaks of Covid there were negative. Demand for export has been less. Farmers are holding tight to harvested supplies. Reports indicate that domestic demand has been strong due to favorable crush margins. Production was much improved this year on better weather during the Summer.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 867.00, 857.00, and 845.00 January, with resistance at 894.00, 900.00, and 904.00 January. Trends in Palm Oil are mixed to down with no objectives. Support is at 3840, 3720, and 3670 February, with resistance at 4120, 4150, and 4180 February.

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