WHEAT
General Comments: All Wheat markets closed higher again yesterday on speculative buying tied to reports that cold weather had created frosts in Ukraine and Russia and on reports of dry weather in China. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry and cold. Some rain was seen in the northern Great Plains last week. Temperatures should be much cooler in most growing areas this week. Chart trends are mixed. Enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still around. It is hot and dry in important parts of the EU and China. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are up Support is at 539, 529 and 506 July, with resistance at 561, 569, and 571 July. Trends in Kansas City are mixed to up. Support is at 514, 500, and 494 July, with resistance at 548, 557, and 563 July. Trends in Minneapolis are up. Support is at 597, 590, and 582 July, and resistance is at 611, 617, and 621 July.

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RICE
General Comments: Rice closed sharply higher on what appeared to be speculator short covering. The trends are still turning up in this market. The cash market has been slow with mostly quiet domestic markets and average export demand. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is planted in most growing areas now. Condition has been rated as good so far by private sources and USDA.
Overnight News:
Chart Analysis: Trends are mixed to up. Support is at 1282, 1261, and 1228 July and resistance is at 1324, 1337, and 1346 July.

CORN AND OATS
General Comments: Corn was higher yesterday on what is called short covering as planting weather in the Midwest has turned cold and wet. Cooler and wetter weather is in the forecast for the coming week after a arm week last week. Demand for Corn in domestic and world markets remains strong with sales and shipments of above 1.6 million tons in the latest reporting week. It has been warmer and drier in much of the Midwest and planting progress is expected to be much improved this week. Thew weather this week features cool temperatures and periods of rain. Oats were lower, and the trends are about steady in this market.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 451, 443, and 437 July, and resistance is at 463, 470, and 480 July. Trends in Oats are mixed. Support is at 348, 341, and 336 July, and resistance is at 362, 367, and 373 July.

SOYBEANS
General Comments: Soybeans and the products were higher on what was called speculative short covering. The market could be at a higher level and could turn lower as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Cooler temperatures and drier conditions are expected this week after a warm and wet late week last week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1057, 1046, and 1037 July, and resistance is at 1082, 1088, and 1105 July. Trends in Soybean Meal are mixed. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are mixed. Support is at 4770, 4730, and 4610 July, with resistance at 5030, 5110, and 5260 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little lower yesterday on ideas that current increased production levels mean higher inventories in MPOB monthly data. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was higher. Trends are turning up on the daily charts and on the weekly charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 699.00, 686.00, and 680.00 July, with resistance at 735.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3770, 3710, and 3650 August, with resistance at 3990, 4040, and 4130 August.

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