Grains Report - Thursday, July 9

General Comments: Winter Wheat markets were higher as the Winter Wheat harvest expanded north and as the Spring Wheat was developing under good growing conditions. The weather in Europe and Russia caused the rally despite good things happening here. Russian producers are said to be disappointed in the yields and it has been dry in France and Britain. Yield reports from the HRW region of the US have been variable, but generally a little better than expected, so USDA might raise its production estimates nest month. The Winter Wheat markets hold to bearish trends on the weekly charts. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. Australia remains in good condition. Prices usually move lower and remain down through the harvest.
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 up with objectives of 532 September. Support is at 500, 496, and 488 September, with resistance at 525, 530, and 553 September. Trends in Kansas City are up with objectives of 470 and 496 September. Support is at 450, 444, and 440 September, with resistance at 462, 468, and 473 September. Trends in Minneapolis are mixed to up with objectives of 531 and 547 September. Support is at 515, 510, and 506 September, and resistance is at 524, 526, and 531 September.

General Comments: Rice was lower and is threatening to break down on the daily charts once again. Futures can continue to trade lower as the Texas and southern Louisiana harvests are just a few weeks away and the crops are developing under mostly very good conditions. New crop prospects appear solid for increased production in the coming year. 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. 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 1206, 1203, and 1192 September, with resistance at 1219, 1239, and 1241 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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