WHEAT
General Comments: Wheat markets were higher on follow-through buying from some extreme cold in US Wheat areas. Much more moderate temperatures are in the forecast for this week but the dmge was done to an already damaged HRW crop. The cold weather could have produced some Winterkill in US production areas to make a small crop even smaller. Temperatures were very cold and blizzard conditions were reported farther north due to high winds blowing the snow and probably the ground into the atmosphere. The demand for US Wheat in international markets has been a disappointment all year and currently is hindered by low prices 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 demand for US Wheat still needs to show up and there is still not enough demand news to help support futures.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should average above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered snow showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 815 March. Support is at 758, 752, and 738 March, with resistance at 799, 809, and 8013 March. Trends in Kansas City are mixed to up with objectives of 913 March. Support is at 864, 859, and 841 March, with resistance at 896, 901, and 915 March. Trends in Minneapolis are mixed to up with no objectives. Support is at 920, 913, and 901 March, and resistance is at 961, 963, and 979 March.

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RICE
General Comments: Rice was lower again yesterday and trends are turning down on the daily charts. There is not much going on in the domestic market right now. 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. Congress included support payments of two cents per pound for Rice producers in its financing bill for the next year and the bill should be signed by President Biden. At least some traders expect selling interest to continue this week in response to the support payments as farmers could become more willing sellers of cash Rice.
Overnight News: The Delta should get isolated showers. Temperatures should be near normal.
Chart Analysis: Trends are mixed to down with objectives of 1744 and 1674 January. Support is at 1757, 1753, and 1738 January and resistance is at 1789, 1799, and 1813 January.

CORN AND OATS
General Comments: Corn and Oats closed higher again yesterday on the cold weather in the Midwest and a lack of offers from producers and despite ideas of less demand and the potential for USDA to raise ending stocks estimates in the next WASDE reports. Producers in the US are not selling as many are waiting for the nex tax year to start next week before making sales. Demand for US Corn remains muted and forecasts for only light rains or dry conditions in southern Brazil and Argentina were seen. Brazil has been hanging on but Argentina has suffered through some extreme drought.. 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 close to or above than those in the US.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 690 March. Support is at 677, 672, and 667 March, and resistance is at 693, 698, and 705 March. Trends in Oats are up with no objectives. Support is at 360, 350, and 344 March, and resistance is at 377, 380, and 386 March.

SOYBEANS
General Comments: Soybeans closed higher, with Soybean Meal higher and Soybean Oil lower. Farmers are now selling Soybeans in the US as many are waiting for the new tax year to start next week before making any new sales. No rain was reported in Argentina and very little fell in southern Brazil. Drier weather is the forecast for this week for southern Brazil and Argentina that could stress crops in both areas again, Central and northern Brazil remain in very good condition with scattered showers reported. Production potential for the Brazil is called very strong even with potential problems and losses in the south. Argentine production ideas continue to drop with the drought as planting is delayed and the crops already in the ground are stressed. There was news that China has started to ease Covid restrictions after some demonstrations by the Chinese people. Ideas that Chinese demand will improve. 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 up with objectives of 1534 and 1592 January Support is at 1484, 1464, and 1460 January, and resistance is at 1517, 1524, and 1530 January. Trends in Soybean Meal are mixed. Support is at 456.00, 448.00, and 446.00 January, and resistance is at 460.00 464.00, and 465.00 January. Trends in Soybean Oil are mixed. Support is at 6470, 6400, and 6200 January, with resistance at 6830, 6860, and 6920 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower yesterday on what appeared to be speculative profit-taking. Ideas of better demand and less production are still around, with production falling due to seasonal factors. Hopes for improved demand from China were reported. China has tried to relax some Covid restrictions so that the economy can start to function again. However, new outbreaks of the virus are being reported and infection rates are rapidly increasing. 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 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 854.00, 844.00, and 835.00 January, with resistance at 870.00, 873.00, and 887.00 January. Trends in Palm Oil are mixed to up with objectives of 4290 March. Support is at 4000, 3980, and 3850 March, with resistance at 4190, 4210, and 4360 March.

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