WHEAT
General Comments: Wheat was lower yesterday in correction trading after the rally failed early in the day. Ideas of solid harvest progress and good yields are still around. Harvest conditions for Winter Wheat appear to be good in the US and Spring Wheat development is good. Rains have been good in the northern Greasy Plains but Canada has been a little too dry for best yield potential. Canada could still produce an average to above average crop. Russia is still being watched for dry weather that has so far hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields. Russian Black Sea prices have been firming as producers are not making sales and are looking for higher prices to offset yield losses. Southern hemisphere crops appear to be good.
Chart Analysis: Trends in Chicago are mixed to up Support is at 521 508 and 496 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are mixed. Support is at 516, 504, and 498 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are not available.

Image Source: Unsplash

RICE
General Comments Rice was higher yesterday in response to the news of a trade deal with Japan that is reported to include better access to that market for Rice. Chart trends are still mostly down on the daily charts. The cash market has been slow with mostly quiet with low bids from buyers in domestic markets and average or less export demand. New crop harvesting has started in Louisiana with reports of good but not great yields and quality. Milling quality of the old crop 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 and harvest has started near the Gulf Coast.
Chart Analysis: Trends are down. Support is at 1242, 1228, and 1218 September and resistance is at 1276, 1285, and 1298 September.

CORN AND OATS
General Comments: Corn was a little lower yesterday in choppy trading on the forecasts for improving weather for the Midwest. Temperatures turned warmer this weekend with hot weather possible for the next couple of days, but then cooler temperatures should return although it will still be warm. Rain is expected with the cooler temperatures. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Yield estimate of 186 bushels per acre are frequently heard Demand for Corn in world markets remains strong. Oats were lower yesterday
Overnight News: Unknown destinations bought 294196 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up. Support is at 390, 387, and 384 September, and resistance is at 414, 418, and 426 September. Trends in Oats are mixed to down. Support is at 349, 339, and 335 September, and resistance is at 383, 388, and 394 September.

SOYBEANS
General Comments: Soybeans were lower and Soybean Oil were higher yesterday as good growing conditions continue in the Midwest. Soybean Meal was lower. Hot and dry weather is expected for the next couple of days, but then temperatures should turn cooler but still remain slightly above normal. There should be some showers around as well once the temperatures turn cooler. Prices are now reported to be higher in Brazil, but China and other buyers are still buying there for political reasons. 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. Support is at 1002, 993, and 983 August, and resistance is at 1020, 1037, and 1047 August. Trends in Soybean Meal are mixed. Support is at 265.00, 262.00, and 259.00 August, and resistance is at 277.00, 282.00, and 287.00 August. Trends in Soybean Oil are mixed to up. Support is at 5500, 5390, and 5310 August, with resistance at 5720, 5840, and 5960 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher on outside markets and improving demand ideas. There was talk that India will soon be buying a lot with festivals coming soon. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher yesterday. Trends are mixed to up 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.
Chart Analysis: Trends in Canola are mixed to up. Support is at 674.00, 665.00, and 660.00 November, with resistance at 713.00, 717.00, and 738.00 November. Trends in Palm Oil are up. Support is at 4130, 4080, and 4020 October, with resistance at 4350, 4410, and 4470 October.

More By This Author: