WHEAT

General Comments: Wheat closed higher on hopes for additional demand, but there were no new demand news or rumors. No USDA reports were released due to the government shutdown, but USDA will issue the November WASDE reports and production reports in about 10 days.  Russian crop areas remain too dry in Winter Wheat areas and too wet in Spring Wheat areas, but crop size ideas have increased due primarily to reports of big yields in Spring Wheat growing areas.  Rains have been good in the northern Great Plains and Canada.  It has turned cooler in the Great Plains.  Southern hemisphere crops appear to be good.

Chart Analysis: Trends in Chicago are up.  Support is at 534, 524, and 517 December, with resistance at 560, 573, and 579 December.  Trends in Kansas City are up.  Support is at 525, 506, and 501 December, with resistance at 545, 548, and 551 December. Trends in Minneapolis are not available.

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RICE

General Comments Rice was lower again yesterday despite ideas that the market is too cheap and that farmers have sold what needs to be sold for now.  Selling coming from news that the US and many Southeast Asia countries including China have come to trade deals that did not include Rice last week.  The recent selling has been to be relentless and appears tied to the weaker prices in Asia and especially India.  Trends are down in the market.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is now wrapping up in Mississippi and Arkansas.  California is also about done with its harvest.  Yields and quality are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.

Chart Analysis: Trends are mixed.  Support is at 1024, 1012, and 1000 January and resistance is at 1074, 1086, and 1101 January.

CORN AND OATS

General Comments: Corn was higher yesterday as the Supreme Court heard arguments on the Trump tariffs.  Trends are sideways in the market.  Most USDA reports are cancelled as the government is still closed, but the November WASDE and production reports are to be issued on time.  The harvest is winding down in all areas of the Midwest.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Yield reports are showing at or above APH yields in western areas, with very good crops reported in Minnesota.  Yields have been reported at or less than APH in areas east of the Mississippi River.  Temperatures should average near normal this week and there are forecasts for mostly dry conditions.  Most of the Midwest has seen adequate or greater precipitation.  Demand for Corn in world markets remains moderate to strong.  Oats were higher.

Chart Analysis:  Trends in Corn are mixed.  Support is at 427, 425, and 419 December, and resistance is at 442, 450, and 456 December.  Trends in Oats are down.  Support is at 290, 282, and 274 December, and resistance is at 304, 310, and 316 December.

SOYBEANS

General Comments: Soybeans and Soybean Meal were higher yesterday on a lack of new news or rumors of Chinese demand.  Soybean Oil was mixed.  Wire reports yesterday indicated that China bought additional cargoes of Soybeans in the last couple of days.  The US Supreme Court is hearing arguments on the Trump tariffs today. China is almost done with purchases for this year and as the US will have to compete with South America for sales in a diminishing Chinese market.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  The US government has announced that it will support farmers with money, but so far no money has been flowing.  Forecasts call for dry conditions to be seen in the Midwest the coming week.  Temperatures will average near normal.  Export demand remains less for US Soybeans as China has been taking almost all the export from South America due to the Trump tariff regime.

Analysis:  Trends in Soybeans are up.  Support is at 1108, 1098, and 1085 January, and resistance is at 1136, 1142, and  1148 January.  Trends in Soybean Meal are up.  Support is at 313.00, 304.00, and 300.00 December, and resistance is at 325.00, 328.00, and 331.00 December.  Trends in Soybean Oil are mixed.  Support is at 4890, 4770, and 4710 December, with resistance at 5040, 5010, and 5150 December.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were higher today on Chicago Soybean Oil price action.  There are still ideas of increasing production.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and on some concerns about demand Canola was a little lower.  Trends are mixed on the daily charts and on the weekly charts.

Chart Analysis: Trends in Canola are mixed.  Support is at 634.00, 625.00, and 623.00 January, with resistance at 649.00, 656.00, and 661.00 January.  Trends in Palm Oil are mixed to down.  Support is at 4060, 3990, and 3950 January, with resistance at 4210, 4240, and 4290 January.

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