WHEAT
General Comments: The markets were lower yesterday in range trading. There weas not any real news for buyers. World Wheat demand has been strong, but there has not been much demand in world markets for US Wheat. Tensions remined high between Ukraine, the US, and Russia. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of steady to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 528, 522, and 516 March, with resistance at 554, 561, and 569 March. Trends in Kansas City are mixed. Support is at 538, 535, and 528 March, with resistance at 560, 568, and 571 March. Trends in Minneapolis are mixed. Support is at 583, 572, and 566 March, and resistance is at 601, 606, and 611 March.

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RICE
General Comments: Rice closed higher yesterday in speculative short covering. The trends are mixed on the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong and well above US prices, but the difference is now less to world buyers as the Real is much lower against the US Dollar.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1382, 1372 and 1366 March and resistance is at 1423, 1454, and 1474 March.

CORN AND OATS
General Comments: Corn closed lower yesterday on speculative selling before the export sales report today and the major USDA reports that will be released tomorrow. The export sales report released last week by USDA showed a big reduction in demand and many think that this could become a feature for the market. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here in January. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff later. It is about to turn very cold in the Midwest so it will get harder for Corn buyers to convince farmers to sell. Oats were higher.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 448, 441, and 436 March, and resistance is at 460, 464, and 470 March. Trends in Oats are mixed. Support is at 320, 313, and 398 March, and resistance is at 336, 339, and 350 March.

SOYBEANS
General Comments: Soybeans closed lower, and the products closed mixed yesterday, with Soybean Meal lower and Soybean Oil higher. Ideas are that Soybeans will eventually move significntly lower. Supplies are very large now and look to get even bigger with the coming South American harvest. Talk that President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers have planted what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest last year has hurt US production ideas due to ideas of small and very dry beans in the pods. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose. And are getting cheaper Soybeans from Brazil. Supplies are very large and ending stocks projections for the USDA WASDE reports are a burden for prices.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 983, 972, and 969 March, and resistance is at 1004, 1015, and 1024 March. Trends in Soybean Meal are mixed to down. Support is at 297.00, 292.00, and 285.00 March, and resistance is at 306.00, 310.00, and 315.00 March. Trends in Soybean Oil are mixed to up. Support is at 4080, 3950, and 3900 March, with resistance at 4260, 4370, and 4410 March.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on export demand weakness and concerns that Indonesia will not cut exports as much as expected earlier. Indonesia wants to use a blend of 40% of Plam Oil in its gasoline mixtures, but this has proved to be expensive and might need to be reduced and allow for increased exports. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher and the market seems to be pushing once again for the December highs. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 617.00, 610.00, and 601.00 March, with resistance at 632.00, 640.00, and 647.00 March. Trends in Palm Oil are mixed to down. Support is at 4280, 4170, and 4070 March, with resistance at 4450, 4570, and 4650 March.

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