WHEAT
General Comments: Wheat markets were higher yesterday and the trends are still turning up in Winter Wheat markets on the daily charts. Spring Wheat chart trends are still sideways. It appears that the harvest lows have finally been made in the Winter Wheat markets but Spring Wheat still needs to work higher and make the breakout.. Demand needs to improve as export sales have not been strong for the last year despite weaker production for much of the world and the war in Ukraine that has held up shipments of Wheat from there and from Russia until recently. That could be changing now as Russia has started to bomb export facilities in Ukraine in response to a Ukrainian initiative to start to take control of the southern parts of the country again. Russia reports that it has produced a big crop and has reduced export taxes recently in an effort to get Wheat sales on the books. Ukraine has taken advantage of the shipping corridor agreement with the UN and Russia and has been shipping Corn and Wheat. Europe is too hot and dry and the US central and southern Great Plains have also been too hot and dry. Dry weather is affecting the Indian production as well.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should average near to above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see isolated showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 876 December. Support is at 806, 783, and 774 December, with resistance at 849, 864, and 913 December. Trends in Kansas City are mixed to up with objectives of 935 and 982 December. Support is at 885, 858, and 850 December, with resistance at 921, 956, and 989 December. Trends in Minneapolis are mixed. Support is at 890, 878, and 863 December, and resistance is at 945, 959, and 967 December.

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RICE
General Comments:: Rice was higher again yesterday and maintained the breakout higher on the daily charts. The Texas harvest is moving along to completion and yield reports have been variable as have been quality reports. Some producers are getting done with harvesting in Texas as well as in southern Louisiana Yield reports have been generally good in Louisiana and quality reports are generally good. Crop conditions are mostly good to excellent for now in Arkansas and Mississippi. Trends are turning up on the daily charts.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed to up with objectives of 1806 and 1844 November. Support is at 1767, 1744, and 1713 November and resistance is at 1815, 1834, and 1848 November.

CORN AND OATS
General Comments: Corn closed lower on follow-through as USDA only lowered crop condition ratings by a point and less than the trade had expected. There are also increasing concerns about demand with the Chinese economic problems caused by the lockdowns creating the possibility of less demand as as South America has much better crops this year to compete with the US for sales. The Pro Farmer national Corn yield was estimated at 168.1 bushels per acre and this was considered very low. Ending stocks estimates could be very tight for the coming year if the crop projections hold true. Basis levels in the Midwest are strong amid light farm selling. It is still very hot and dry in parts of China and there is increasing concern about Corn production there this year. It has also been very hot and dry in Europe.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 690, and 714 December. Support is at 661, 647, and 643 December, and resistance is at 684, 690, and 708 December. Trends in Oats are mixed. Support is at 388, 370, and 364 December, and resistance is at 418, 424, and 435 December.

SOYBEANS
General Comments: Soybeans and the products were lower again on follow through selling as USDA left the national Soybeans crop condition ratings basically unchanged. The market had expected a slight drop in the ratings. The market is increasingly worried about demand as China continues to lock down. Demand has improved lately but no one knows how long this can last and ideas are that overall demand is behind last year. The national yield estimate from Pro Farmer was 51.7 bushels per acre and this appears possible. Basis levels are still strong in the Midwest as demand has been improved. There are still renewed Chinese lockdowns and there are fears that China has been importing less as a result. Shenzhen and Dalian have been closed this week. Brazil is still exporting Soybeans so the US demand could be weaker. Brazil is still selling Soybeans as well, but for now the Chinese appear to be buying here. There is still a chance for weaker demand for US Soybeans once the Chinese demand is satisfied.
Overnight News: Unknown destinations bought396,000 tons of US Soybeans..
Chart Analysis: Trends in Soybeans are mixed. Support is at 1408, 1400, and 1376 November, and resistance is at 1448, 1484, and 1489 November. Trends in Soybean Meal are mixed. Support is at 418.00, 415.00, and 401.00 October, and resistance is at 434.00 440.00, and 441.00 October. Trends in Soybean Oil are mixed. Support is at 6610, 6390, and 6200 October, with resistance at 6850, 72070, and 7150 October.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower on weaker outside markets anc on ideas of increasing production against only weak export interest. MPOB data will be released this week and will help direct the next move for the futures market. Ideas are that supply and demand will be strong. Canola was lower with the price action in Chicago. The Canola growing conditions are much improved with rans being reported in recent days but the rains are bringing some concerns about disease showing.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 826.00, 819.00, and 795.00 November, with resistance at 857.00, 870.00, and 877.00 November. Trends in Palm Oil are mixed. Support is at 4050, 4000, and 3980 November, with resistance at 4380, 4500, and 4840 November.

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