WHEAT
General Comments: All three Wheat markets closed lower yesterday, as growing and harvesting conditions were very good amid improved weather conditions. Strong yields are reported for crops in HRW and SRW areas. It had been hot and dry to the south, but the north saw rains last week to support Spring Wheat development. Southern areas are now seeing some rains and cooler temperatures this week. There are still reports that the weather has reduced production potential in Ukraine and Russia. Russia is forecasting a large reduction in Wheat production for the coming year. Winter crops in the Great Plains are reported to be in good condition, and Spring Wheat crops in the northern Great Plains and into Canada are generally in good condition.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up Support is at 535, 521 and 508 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are mixed. Support is at 521, 516, and 504 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are not available.

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RICE
General Comments: Rice was higher again yesterday on speculative short covering and perhaps some new buying from commercials. Weaker Asian prices are still around and are still a drag on US futures, but the US trade depends much more on South American competition that has actually been offering less. Chart trends are still mostly down on the daily charts. The cash market has been slow with mostly quiet domestic markets and average export demand. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is heading in most growing areas now. Condition has been rated as good and the ratings by USDA are above last year.
Overnight News:
Chart Analysis: Trends are down. Support is at 1276, 1266, and 1254 September and resistance is at 1333, 1369, and 1392 September.

CORN AND OATS
General Comments: Corn was lower yesterday as the weather forecasts remained cooler this week and as President Trump released no news on Chinese trade relations. Reduced heat and some showers are expected in the Midwest this week, but temperatures could turn warmer this weekend. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area, but the drought area is shrinking. The rest of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong but has turned weaker in the last few weeks. Oats were lower
Overnight News: Unknown destination bought 110,000 tons of US Corn.
Chart Analysis: Trends in Corn are down. Support is at 396, 393, and 390 September, and resistance is at 426, 432, and 439 September. Trends in Oats are mixed. Support is at 360, 349, and 339 September, and resistance is at 394, 400, and 406 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower yesterday on good growing conditions in the Midwest. Soybean Oil was a little higher. Lower priced offers from Brazil in the world market are still important to the US price action. The market could remain under pressure as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America.
Overnight News:
Analysis: Trends in Soybeans are mixed to down. Support is at 1017, 1005, and 983 August, and resistance is at 1064, 1068, and 1072 August. Trends in Soybean Meal are mixed. Support is at 271.00, 268.00, and 265.00 August, and resistance is at 287.00, 291.00, and 294.00 August. Trends in Soybean Oil are mixed. Support is at 5150, 5080, and 4920 August, with resistance at 5600, 5720, and 5840 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower yesterday on the MPOB report tha showed increased stocks levels. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher. Trends are mixed on the daily charts and on the weekly charts. The weather has generally been dry for planting and crop development in the Prairies with warm and dry weather around lately.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 683.00, 679.00, and 665.00 November, with resistance at 740.00, 752.00, and 764.00 November. Trends in Palm Oil are up. Support is at 4080, 4010, and 3960 September, with resistance at 4210, 4270, and 4310 September.

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