Grains Report - Thursday, Oct. 1

WHEAT
General Comments: Winter Wheat markets closed higher with HRW and SRW the strongest markets. HRS closed higher but did not rally as much as the winter markets. USDA found that ending stocks levels were close to projections of the trade. However, there were differences in the mix, with less Winter Wheat production and more Spring Wheat production. The markets also rallied on overseas prices and prices for Corn and Soybeans in Chicago. The trade is watching the weather and growing conditions around the world as well as the world Wheat price. World demand for US Wheat depends mostly on lower prices for US Wheat to compete with Russia, Europe, and other sellers and a weaker US Dollar. The overseas weather is mixed. Western Europe is likely to get some rains in the short term, but southern Russia could stay dry. Some showers are forecast for Ukraine this week. The country has also been dry. These areas are trying to plant the next Winter Wheat crop but the dry weather and the dry soils are keeping farmers out of the fields. Argentina got some very beneficial rains over the weekend. Australia has seen some cold temperatures in recent days and some southern growing areas could have seen a frost or a freeze. Conditions are improved in the US after some rains fell in the Great Plains.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to below normal. Northern areas should see isolated showers. Temperatures will average near to below normal. The Canadian Prairies should see isolated showers. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 578, 568, and 557 December, with resistance at 587, 590, and 599 December. Trends in Kansas City are up with no objectives. Support is at 509, 500, and 490 December, with resistance at 515, 525, and 528 December. Trends in Minneapolis are up with no objectives. Support is at 536, 531, and 523 December, and resistance is at 547, 549, and 553 December.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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