WHEAT
General Comments: Wheat markets closed a little higher on less certain that there could be a peaceful resolution to the conflict in Ukraine. The US said again that Russia could invade at any time and maybe later this week and that Putin has given the army orders to invade and take the Ukraine state back into the orbit of Russia. It said it had not seen Russian troops pull back from the Ukrainian border although Russia insisted some of its troops had done so. Ukrainians have no interest in living under Russian occupation so the war could be deadly and very costly to both sides. Russia might have jammed the internet inside Ukraine. Russia and Ukraine are both major Wheat exporters so the Wheat market could be damaged. It remains dry in the western Great Plains but some precipitation is expected. Ideas had been that the US will have good demand for Wheat as the rest of the northern hemisphere is short production this year but so far demand has been average or less against previous years. Dry weather in southern Russia, as well as the US Great Plains and Canadian Prairies, caused a lot less production.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should average above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see isolated to scattered showers. Temperatures should average above normal in the west and below normal in the east.
Chart Analysis: Trends in Chicago are mixed. Support is at 773, 765, and 761 March, with resistance at 802, 814, and 824 March. Trends in Kansas City are mixed. Support is at 797, 792, and 784 March, with resistance at 830, 844, and 849 March. Trends in Minneapolis are mixed. Support is at 939, 934, and 930 March, and resistance is at 972, 979, and 991 March.

Photo by Sandy Ravaloniaina on Unsplash

RICE
General Comments: Rice closed higher yesterday in range trading. It has been a demand led market recently and the weekly export sales report last week was very strong. The cash market is showing that domestic mill business is around everywhere but not real active anywhere. Producer sales are reported to have been way ahead of average early in the marketing year so stocks on hand in first hands are reported to be lower than normal. Mills are showing more interest in the market as previously bought supplies start to run low. The cash market is reported to be relatively strong in moderately active trading as prices have held firm. Ideas are that there is very little Rice left in producer control.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are mixed. Support is at 1463, 1461, and 1453 March and resistance is at 1500, 1525, and 1552 March.

CORN AND OATS
General Comments: Corn closed higher, but held to the range in reaction to the South American production estimates that have been dropping due to hot and dry weather in Argentina, Paraguay, and southern Brazil. The South American agricultural areas got an inch or less of precipitation last week and are now turning hot and dry again. Crop losses are becoming more and more of a reality for the Cornmarket right now. The Soybeans harvest farther north is being somewhat delayed due to wet weather and this might affect planting of the safrinha crop in Brazil. Planted area there as well as in the US is in question due to the high costs and the lack of availability of inputs for growing a successful crop.
Overnight News: Ethanol production rose to 1.009 million barrels per day last week, from 994,000 the previous week and from 911,000 barrels per day last year. Ethanol stocks rose to 25.5 million barrels last week, from 24.8 million the previous week and from 24.3 million last year. The production of ethanol used 104.0 million bushels of corn last week, from 102.5 million bushels the previous week and from 89.3 million last year. Estimated marketing year to date corn use for ethanol totals 2.462 billion bushels.
Chart Analysis: Trends in Corn are mixed. Support is at 636, 625, and 623 March, and resistance is at 657, 663, and 668 March. Trends in Oats are down with objectives of 695, 658, and 604 March. Support is at 694, 677, and 666 March, and resistance is at 737, 744, and 765 March.

SOYBEANS
General Comments: Soybeans and the products were higher yesterday on reduced production estimates from private analysts in Brazil and Argentina. News that Paraguay might have to buy Soybeans from Argentina as it did not grow enough on its own due to the drought was also supportive. It is still possible that the market topped out on Thursday at least for the short term. The market had been supported on what appeared to be speculative buying in response the South American weather. The South American weather remained difficult. Mostly hot and dry conditions are expected for the next week after a few showers in most areas last week. It will stay very wet in central and northern parts of Brazil.
Overnight News: Unknown destinations bought 120,000 tons of US current crop Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1542, 1536, and 147597March, and resistance is at 1600, 1612, and 1624 March. Trends in Soybean Meal are mixed to down with objectives of 427.00, 425.00, and 397.00 March. Support is at 438.00, 431.00, and 420.00 March, and resistance is at 453.00 462.00, and 475.00 March. Trends in Soybean Oil are mixed. Support is at 6580, 6440, and 6390 March, with resistance at 6740, 6860, and 6990 March.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday but a little higher today on good export demand news. Demand in Malaysia could improve soon as Indonesia is expected to keep most Palm Oil at home. Indonesia is once again making moves to cut the availability of Palm Oil for export as it seeks to keep more at home for biofuels purposes. There are still poor production conditions in Malaysia and Indonesia. Traders are mostly worried about demand from India who has been buying Soybean Oil in the US instead of Palm Oil from Malaysia and Indonesia and is also worried about China and its demand for Palm Oil for biofuels. Canola was higher along with Chicago. Chart trends are mixed but the market acts weak.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 972.00 and 937.00 March. Support is at 998.00, 993.00, and 977.00 March, with resistance at 1018.00, 1027.00, and 1033.00 March. Trends in Palm Oil are mixed. Support is at 5340, 5300, and 5240 May, with resistance at 5570, 5590, and 5650 May.