WHEAT
General Comments: All three markets closed lower yesterday, with the biggest losses seen in KC and Minneapolis. Crops in the Great Plains are reported to be in good condition. Rain is moderate in the southern Midwest and Mid South. Chart trends are mixed in Winter Wheat markets and in Minneapolis. Traders keep talking about a tight market as a reason to support prices, but 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 a main feature. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 528, 523, and 496 July, with resistance at 545, 548, and 561 July. Trends in Kansas City are mixed. Support is at 525, 518, and 512 July, with resistance at 547, 557, and 563 July. Trends in Minneapolis are mixed. Support is at 601, 590, and 584 July, and resistance is at 617, 621, and 627 July.

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RICE
General Comments: Rice closed higher yesterday on follow through buying tied to short covering. 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 southern growing areas now and is about half done farther to the north. Condition has been rated as good so far by private sources.
Overnight News:
Chart Analysis: Trends are down. Support is at 1268, 1255, and 1225 July and resistance is at 1302, 1323, and 1337 July.

CORN AND OATS
General Comments: Corn closed a little lower yesterday as the market reacted to better planting weather in the Midwest. The market rallied initially on news that the US and China are meeting this weekend to start talks to resolve the tariff crisis. Warmer and drier weather is in the forecast. President Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet. Demand for Corn in domestic and world markets remains strong with sales of well above 1.0 million tons in the latest reporting week. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week. Oats were higher, and the trends are mixed in this market.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 444, 438, and 432 July, and resistance is at 462, 470, and 480 July. Trends in Oats are mixed. Support is at 336, 332, and 326 July, and resistance is at 350, 353, and 362 July.

SOYBEANS
General Comments: Soybeans and the products were mixed yesterday, with Soybean Meal a little higher and Soybean Oil lower, on reports that Brazil prices were now competitive with those from the US in world markets. Futures rallied early in the day on news that the US and China were scheduled to hold meetings in Switzerland this weekend in an effort to resolve the trade problems between the two countries. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend.
Overnight News
Analysis: Trends in Soybeans are mixed to down. Support is at 1037, 1021, and 1009 July, and resistance is at 1056, 1062, and 1067 July. Trends in Soybean Meal are mixed to down. 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 to down. Support is at 4650, 4620, and 4430 July, with resistance at 4920, 5010, and 5110 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on speculative buying tied to short covering. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was mixed yesterday, with July lower but the other months a little higher. Trends are still up on the daily charts and 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. Support is at 680.00, 662.00, and 649.00 July, with resistance at 714.00, 720.00, and 726.00 July. Trends in Palm Oil are down. Support is at 3720, 3660, and 3600 July, with resistance at 3840, 3970, and 4030 July.

Midwest Weather Forecast Mostly dry conditions or isolated showers Temperatures should average near to below normal.

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