WHEAT
General Comments: Winter Wheat markets were a little lower after a wide-ranging session that saw new highs and lows for the week made. Futures have rallied in the last few days in reaction to news that the Russian government is looking to tame food inflation inside the country by taxes of $30.00 per ton on Wheat along with taxes on some other agricultural products. News that Egypt paid its highest price in five years for Romanian and Ukrainian Wheat earlier this week was also bullish. All of this now appears to be part of the futures price. US prices remain very close to international prices and US markets searched for new demand. Export demand has started to improve slightly with the close price relationships although they are still not huge. World prices have held steady or worked a little higher even with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward. US weather is mixed with still dry conditions in the western Great Plains. Some precipitation was reported in the eastern Great Plains and in parts of the Midwest. Parts of eastern Ukraine and southern Russia remain dry.
Overnight News: The southern Great Plains should get mostly dry conditions but light precipitation on Friday. Temperatures should be below normal. Northern areas should see mostly dry conditions or isolated showers. Temperatures will be below normal. The Canadian Prairies should see isolated showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 590, 584, and 572 March, with resistance at 608, 610, and 622 March. Trends in Kansas City are mixed. Support is at 556, 553, and 545 March, with resistance at 573, 576, and 586 March. Trends in Minneapolis are mixed. Support is at 553, 548, and 543 March, and resistance is at 563, 565, and 574 March.

RICE
General Comments: Rice was slightly higher with speculators moving from January to March positions. Directional trading was quiet. Trading volumes were good because of the roll yesterday, but have been less for the last couple of weeks. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions.
Overnight News: The Delta should get mostly dry conditions but light precipitation on Friday. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed. Support is at 1227, 1221, and 1220 January, with resistance at 1240, 1250, and 1252 January.

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CORN AND OATS
General Comments: Corn and Oats closed a little higher on what appeared to be partly industry user buying. Corn is being supported by firming basis levels in the US and South America. It has rained in parts of Argentina and in parts of Brazil in the past week and more is in the forecasts for the coming two weeks. No one will see showers or rains each day, but just about everyone should get at least some precipitation over the two week period. Southern Brazil and Argentina should get important rains today, then drier weather again. Drought could develop in Brazil and Argentina despite the rains this week as the overall weather patterns have been dry. The current drought is especially serious in South America for the first Corn crop but the second crop could also be affected due to late planting in central and northern Brazil. Dry weather has delayed the Soybeans planting and that will delay the second Corn planting later. Farmers will not plant if it gets too late in the year as the rains will shut off before the crop gets mature.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with no objectives. Support is at 424, 418, and 415 March, and resistance is at 430, 436, and 439 March. Trends in Oats are mixed to up with no objectives. Support is at 330, 330, and 325 March, and resistance is at 339, 343, and 345 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans closed a little lower and products closed higher as cash markets are firm and despite better rains in South America and the lack of Chinese demand for US Soybeans. US and South American cash markets have been firming despite the sideways action of late in futures. The NOPA crush report was called bullish for Soybeans and both products. China continues to buy in small amounts each day but has canceled some contracts made to unknown destinations again in the past week. Production potential is being threatened in South America due to the lack of rainfall. The situation has improved in southern Brazil and Argentina due to recent rains. These rains have moved to the north to help out producers in central and northern Brazil. Other rains are being seen in the south over the next couple of days, then drier conditions are forecast. The world will need very strong production from South America to meet the projected demand. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years. Higher Soybeans prices are likely.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1207, 1209, and 1245 January. Support is at 1172, 1168, and 1162 January, and resistance is at 1200, 1220, and 1236 January. Trends in Soybean Meal are up with objectives of 401.00 January. Support is at 390.00, 385.00, and 381.00 January, and resistance is at 401.00, 404.00, and 407.00 January. Trends in Soybean Oil are up with objectives of 4090 and 4530 January. Support is at 3860, 3830, and 3810 January, with resistance at 3960, 3990, and 4020 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher on the price action in Chicago and petroleum futures. The market was supported by ideas of tight supplies coming down the road. MPOB released its monthly supply and demand report last week and noted less production. Production of most vegetable oils in the world is less this year due to a lack of production of oilseeds. The production of Palm Oil is down in both Malaysia and Indonesia in part due to the difficulty of sourcing plantation workers due to the Coronavirus. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Canola was higher. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up. Demand for Canola has improved in recent weeks and farm selling has been less as farmers have reduced supplies.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 632.00 and 640.00 January. Support is at 599.00, 593.00, and 589.00 January, with resistance at 607.00, 610.00, and 613.00 January. Trends in Palm Oil are mixed to up with objectives of 3590 February. Support is at 3390, 3340, and 3300 February, with resistance at 3500, 3530, and 3560 February.