Grains Report - Thursday, July 2

General Comments: Winter Wheat markets were mixed, with Winter Wheat futures higher and Spring Wheat futures lower. There are ideas that Winter Wheat market have made a seasonal bottom. Yield reports from the Great Plains have been variable, but generally a little better than expected. Spring Wheat was lower on improving growing conditions for the crops. Spring Wheat markets show down trends as good conditions are also reported in much of Canada. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. Better rains are reported in Europe and Russia. Russia could turn hot and dry starting this week but soil moisture is good for now. Australia remains in good condition.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 514 and 537 September. Support is at 489, 481, and 471 September, with resistance at 503, 512, and 515 September. Trends in Kansas City are mixed. Support is at 434, 424, and 418 September, with resistance at 446, 450, and 454 September. Trends in Minneapolis are mixed to down with objectives of 506 and 488 September. Support is at 516, 512, and 506 September, and resistance is at 522, 524, and 527 September.

General Comments: Rice was mixed, with July sharply higher again USDA on Tuesday showed increased planted All Rice area at 2.921 million acres. The estimate was in line with trade expectations. USDA also showed that the quarterly stocks were in line with trade expectations but still tight. The new crop continues to show progress under mostly good conditions. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short old crop Rice. This appears to be factored into the price as there are ideas that the mills are well covered into new crop, but little Rice is available from producers. The crops that got planted are in very good condition in the south and near the Gulf Coast but planting was more problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain got planted and producers did not plant medium grain if some prevent planting was needed.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1186 September. Support is at 1212, 1203, and 1201 September, with resistance at 1230, 1241, and 1246 September.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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