Grains Report - Thursday, June 10

General Comments: Wheat markets were mixed, with HRW Wheat mostly a little higher and SEW and Minneapolis Spring markets lower as the weather forecasts turned wetter for Canada and remained too wet in the central and southern Great Plains. Spring Wheat areas of the US and Canada should get some showers, but mostly in Canada. North Dakota is looking mostly dry and model runs from yesterday have taken some of the precipitation for next week out of the state. Showers and rains were seen in parts of Western Texas and in Oklahoma. More showers are in the forecast in western Texas. Some rains would be very beneficial for planting and initial growth of the Spring Wheat while the drier but still wet weather would help Winter Wheat crops. USDA releases its monthly WASDE reports later today. Demand remains disappointing but the production might not be there for better demand in the coming year. Corn prices are high so demand for feed wheat could increase.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 669, 667, and 658 July, with resistance at 702, 704, and 707 July. Trends in Kansas City are mixed. Support is at 618, 606, and 588 July, with resistance at 654, 675, and 683 July. Trends in Minneapolis are mixed to down with objectives of 713 and 648 July. Support is at 737, 730, and 710 July, and resistance is at 783, 807, and 824 July.

variety of assorted-color beans

Image Source: Unsplash

General Comments: Rice prices were lower one more day in moderate volume trading on demand concerns. It looked like speculators were the best sellers. Moderate precipitation and warmer temperatures are forecast for US growing areas. Rice areas have generally been wet and northern areas have been cool. Louisiana and parts of Texas are saturated but crops are rated in good condition overall. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. Texas and Louisiana are almost out of Rice, but there is Rice available in the other states, especially Arkansas. Milling interest in Rice is said to be slow.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are down with objectives of 1291 and 1273 July. Support is at 1302, 1301, and 1284 July, with resistance at 1326, 1333, and 1338 July.

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