WHEAT
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.

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RICE
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.

CORN AND OATS
General Comments: Corn was higher and Oats closed lower as forecasts for the Midwest remained hot and dry for northern areas, but rainy to the southern Midwest. Hot and dry weather is forecast for parts of the Great Plains and Midwest this week and hot and dry conditions continue in central and northern Brazil. Some showers are now in the forecast for the Midwest in the second week. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer. There are problems with the production potential for the Safrinha crop in Brazil as growing areas have been warm and dry and look to stay that way longer term. Reports indicate that crops are being stressed due to the lack of rain. It is drier in central and parts of northern Brazil, but southern Safrinha areas got some timely and somewhat beneficial precipitation last week. USDA releases its monthly WASDE updates today and the trade anticipaters less Brazilian production and more demand for US Corn.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 666, 653, and 637 July, and resistance is at 697, 703, and 718 July. Trends in Oats are mixed. Support is at 387, 378, and 375 July, and resistance is at 409, 414, and 417 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower as weather and demand concerns returned to the forefront. USDA releases its monthly WASDE updates tomorrow and a few are looking for less export and domestic demand and higher ending stocks. Forecasts call for warm and dry weather this week in the northern Midwest and northern Great Plains but showers are in the forecast for much of this week in central and southern areas. China should start with new US Soybeans purchases soon for Fall delivery and reports indicate they are now asking for offers. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US. There is still crush demand and a little export demand even though the demand is less now than before. The US does not have a lot of Soybeans in the country anymore as most producers have already sold. Buyers are scrambling for what is left. Brazil is rapidly exporting Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1542, 1538, and 1525 July, and resistance is at 1597, 1610, and 1640 July. Trends in Soybean Meal are mixed. Support is at 378.00, 377.00, and 369.00 July, and resistance is at 391.00, 396.00, and 404.00 July. Trends in Soybean Oil are mixed. Support is at 7030, 6870, and 6720 July, with resistance at 7280, 7340, and 7370 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower today on reports from MPOB of increasing production and stocks levels. The private surveryors showed les demand so far this month. There were reports that Indonesia was about to cut its Palm Oil export duty. There are fears of global shortages of vegetable oils now. Demand has been less so far this month and the market fears the loss of Indian demand due to the big Coronavirus outbreak in India that could cut demand. However, prices are very high in India and imports are needed. Ideas of tight supplies are still around but supplies are expected to increase in the short term. Canola closed lower on demand and weather concerns. Weakening demand ideas were negative for prices as were ideas that the Canadian Dollar is ready to move much higher. Demand is thought to be OK with crush margins favoring a lot of production of vegetable oils to feed the demand but less exports. The demand for bio fuels is about to increase and is one reason to see much stronger Soybean Oil and Canola prices. The weather is improving in the Prairies with rains and more in the forecast into next week.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 813.00 July. Support is at 836.00, 828.00, and 808.00 July, with resistance at 859.00, 890.00, and 918.00 July. Trends in Palm Oil are mixed. Support is at 3850, 3780, and 3700 August, with resistance at 4060, 4110, and 4200 August.