Grains Report - Thursday, March 11

WHEAT        

General CommentsWheat markets were lower and held the trading range. Chart trends are mostly mixed. HRW was the big lower on the day as some rain is now n the forecast for the Great Plains in the next few days.USDA made no important changes on Tuesday in its WASDE estimates. It changed some of the export demand from HRW to WW and also increased feed wheat use for China. Ideas are that forecasts for rain in the Great Plains will help injured Winter Wheat. The threat of Winterkill production losses in the western Great Plains now appears to be part of the price. Temperatures dropped below 0F in many areas and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold.

Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to above normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average above normal.

Chart Analysis: Trends in Chicago are mixed. Support is at 640, 637, and 632 May, with resistance at 663, 669, and 672 May. Trends in Kansas City are mixed to down with objectives of 607 May. Support is at 611, 608, and 600 May, with resistance at 628, 635, and 640 May. Trends in Minneapolis are mixed. Support is at 636, 631, and 628 May, and resistance is at 652, 659, and 662 May.

variety of assorted-color beans

Image Source: Unsplash

RICE  

General Comments:  Rice was lower on what appeared to be speculative selling. Futures are searching for news to ignite another rally or to prompt further selling.USDA in its WASDE report on Tuesday left supply and demand categories alone and raised the average farm price for All Rice and Long Grain by 20 cents to reflect where the cash market is now. World production estimates showed increased production potential for India. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. Exports were moderate last week. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to firm last week.

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