Photo by Marek Studzinski on Unsplash

WHEAT
General Comments: Wheat markets were higher yesterday on buying before the USDA reports on Friday and the advent of very cold weather into the central US. There should be snow cover to protect the crops so little if any damage ius expected.. Black Sea offers are still plentiful and Russian prices appear to be about 260.00 per tons FOB with Ukrainian prices about the same. News that Argentina will restructure its economy with a shock devaluation of the peso and structural changes inside the country created ideas that farmers would sell, but it is unlikely they will sell right away and might be better off to wait and see a calmer situation. EU countries are offering as well and are getting new business. Demand has been poor for US Wheat as Russia production looks strong.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see scattered showers. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 592, 568, and 562 March, with resistance at 632, 640, and 643 March. Trends in Kansas City are mixed. Support is at 584, 572, and 560 March, with resistance at 637, 647, and 658 March. Trends in Minneapolis are mixed to down with objectives of 698 and 689 March. Support is at 699, 697, and 686 March, and resistance is at 720, 729, and 734 March.

RICE
General Comments: Rice closed lower yesterday in consolidation trading before the USDA reports on Friday. The trends are turning down on the daily charts. The Asian market remains strong with little on offer from India. Farmers appear quiet in the market and basis levels are reported to be steady, but industry and speculators have been busy. Most farmers are hunting and getting ready for the holidays and are not interested in Rice markets. Demand reports have been weaker lately and have featured traditional buyers in Latin America and Asia.
Overnight News:
Chart Analysis: Trends are mixed to down with no objectives. Support is at 1721, 1710, and 1707 March and resistance is at 1766, 1774, and 1785 March.

CORN AND OATS
General Comments: Corn closed a little higher yesterday in consolidation trading and before the USDA reports on Friday. The rally also found some support from the CONAB Brail production estimate that was reduced for the coming year due to reduced Winter Corn planted area. Oats were higher. The market anticipates increased selling from US producers, but many havee sold enough, and elevators and processors are reported to be full. There are also forecasts for a lot of snow for the Midwest to keep farmers inside and not opening the bins. Producers are also looking for higher prices now as crops are in the bin for the Winter. Ideas of weak demand are keeping prices low. The market feels that there is more than enough Corn for any demand and are not buying futures despite the improve demand. Showers have been reported in Argentina and in central and northern Brazil. Significant rains are forecast for central and northern areas. Up to one to three inches of rain are in the forecast for this week.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 445 March. Support is at 450, 447, and 444 March, and resistance is at 464, 469, and 472 March. Trends in Oats are mixed. Support is at 351, 338, and 330 March, and resistance is at 392, 402, and 405 March.

SOYBEANS
General Comments: Soybeans and the products closed lower yesterday on the Brazjl CONAB reports. CONAB estimated production down at just over 155 million tons, but this would still be a new record production. Most private analysts are below this estimate, but USDA is likely to be at or above this estimate in its data on Friday. The precipitation keeps falling in Brazil is expected to continue through this weekendSoybean Meal was weaker on increasing confidence that Argentina will return as a major exporter and as US crushers are crushing for oil and have a lot of extra meal available. There are some forecasts for significant rains and rains this week in central and northern Brazil and less wet conditions in the south. The trade remains concerned about the weather forecasts for South America but is holding to ideas of production over 150 million tons. Our source suggests that production in Brazil could be much less due to the extreme weather seen already. Brazil has been mostly hot and dry in northern areas and too wet in southern areas. Argentina crops are reported o be in good condition with enough moisture. These weather trends are expected to continue after next week.
Overnight News:
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1234, 1224, and 1212 March, and resistance is at 1265, 1281, and 1296 March. Trends in Soybean Meal are down with objectives of 360.00 March. Support is at 362.00, 359.00, 3nd 356.00 March, and resistance is at 376.00, 381.00, and 386.00 March. Trends in Soybean Oil are mixed. Support is at 4700, 4660, a6nd 4620 March, with resistance at 4900, 5020, and 5170 March.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher yesterday in reaction to weaker than expected December production and stocks data posted by MPOB. There had been concerns about too dry weather caused by El Nino. Trends are sideways on the daily charts and are sideways on the weekly charts. Canola was lower yesterday and closed at new lows for the move in response to the CONAB estimates and as the Brazil weather forecasts continue to call for rains and showers. Current forecasts call for drier weather in southern Brazil and wetter weather in central and northern areas this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales. Trends are down on the daily charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are down with no objectives. Support is at 610.00, 604.00, and 598.00 March, with resistance at 646.00, 656.00, and 665.00 March. Trends in Palm Oil are mixed. Support is at 3600, 3570, and 3540 March, with resistance at 3790, 3850, and 3890 March.

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