WHEAT
General Comments: Wheat markets were lower in all three markets in Chicago yesterday. In Russia, the government is setting a floor price at about $240.00 per ton in an effort to make more money. The weather is still in focus here and around the world. Scattered showers are being reported in southern areas. Planting of Spring Wheat had been delayed due to reports some rain now in many of these areas so conditions are improving and producers are caught up with planting progress now. Canada has been dry. Dry conditions are a developing problem in Russia, and especially in the Spring Wheat areas there. Australian production ideas have been fading as El Nino hits the country.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 611, 595, and 573 July, with resistance at 649, 670, and 687 July. Trends in Kansas City are mixed. Support is at 762, 756, and 750 July, with resistance at 811, 834, and 847 July. Trends in Minneapolis are mixed. Support is at 790, 774, and 769 July, and resistance is at 829, 834, and 838 July.

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RICE
General Comments: Rice closed lower again yesterday, as an apparent squeeze in July coming to an end at least temporarily. New crop months were also lower as growing conditions are good. The weather is still good for crop development. Old crop offers still seem hard to find right now, but demand has been a problem all year. Export demand has been uneven. Mills are milling for the domestic market in Arkansas and are bidding for some Rice, but at least some mills say they now have enough bought to last until the harvest of the next crop.
Overnight News: The Delta should get scattered showers. Temperatures should be near to above normal.
Chart Analysis: Trends are down with no objectives. Support is at 1750, 17931, and 1684 July and resistance is at 1832, 1847, and 1871 July.

CORN AND OATS
General Comments: Corn closed mixed to a little lower and Oats were higher yesterday as Corn traders reacted to the weather and the lack of demand news. Demand for US Corn in the world market has been very low and USDA cut its current year export demand estimate on Friday by 50 million bushels in the latest WASDE updates. No changes were made for new crop supply or demand, so the 50 million bushel cut to demand went to increased current and new crop ending stocks estimates. Reports of dry initial development conditions were important. Chicago got less than 0.2 inches of rain yesterday and now looks mostly dry this week. Corn is rolling leaves in central and southern Midwest areas but could be in better condition to the north. Corn is still finding some support from little US producer selling interest.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 602, 595, and 581 July, and resistance is at 625, 627, and 647 July. Trends in Oats are up with no objectives. Support is at 373, 367, and 350 July, and resistance is at 392, 398 and 400 July.

SOYBEANS
General Comments: Soybeans and the products closed mixed yesterday in part on the weather and on reports of strong domestic demand and interior basis levels. Growing conditions feature cool but very dry weather. Some showers were reported in the Midwest over the weekend. Chicago got less than 0.2 inches of rain on Saturday and now looks mostly dry this week. Reports indicate that bio fuels demand for Soybean Oil is very strong and is pushing domestic demand for Soybeans. USDA made no new crop changes in the WASDE reports on Friday as expected. Old crop export demand was cut by 15 million bushels and this was added to ending stocks for the current and the next year. USDA left South American production estimates unchanged. Brazil basis levels are still low and the US is being shut out of the market for most importers. Brazil is still selling a lot of Soybeans to China and other countries. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina. Argentina has been forced to import from Brazil to keeps its crushing facilities operating.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1471 July. Support is at 1371, 1352, and 1340 July, and resistance is at 1417, 1430, and 1446 July. Trends in Soybean Meal are mixed to down with objectives of 384.00 and 372.00 July. Support is at 389.00, 382.00, and 376.00 July, and resistance is at 396.00, 401.00, and 409.00 July. Trends in Soybean Oil are up with no objectives. Support is at 5490, 5370, and 5220 July, with resistance at 5750, 5840, and 5960 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today along with price action in Chicago. Trends are sideways on the daily charts and down on the weekly charts. MPOB will release its data for Ma. In Malaysia, April production was 7% less than March at 1.196 million tons. Exports were all down and ending stocks were estimated at 1.597 million tons, down over 10% from last moAmSpec said tofay that Mlaysian ex[prts are down 126^ spo far this moonthnth. Ideas are that demand is generally weak, with China struggling to open its economy and India looking to Sunoil for imports at the expense of other vegetable oils. Canola was lower. Trends are turning up on the daily charts. Reports indicate that domestic demand has been strong due to favorable crush margins, but export demand is questioned, especially since the release of the weaker-than-expected Chinese economic data last week. Scattered showers and rains have been reported so planting and initial growth conditions are good.
Chart Analysis: Trends in Canola are up with no objectives. Support is at 690.00, 663.00, and 642.00 July, with resistance at 708.00, 710.00, and 720.00 July. Trends in Palm Oil are mixed to up with objectives of 3570 and 3740 August. Support is at 3400, 3350, and 3260 August, with resistance at 3490, 3720, and 3750 August.

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