Grains Report - Thursday, Sept. 24

WHEAT
General Comments: Winter Wheat markets were lower on the higher US Dollar. The Dollar has turned trends up and this is hurting Wheat prices. Overseas weather remains variable for Wheat production. Western Europe is likely to get some rains in the short term, but eastern Europe and southern Russia could stay 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. Less production is likely in Argentina due to drought. About half of Argentine growing areas are affected. The next crop is being planted now in the northern parts of the world. Conditions are improved in the US after some rains fell in the Great Plains but the southern Great Plains remains mostly hot and dry. The Midwest has had god rains although some areas in the southern Midwest have not gotten much rain recently.
Overnight News: The southern Great Plains should get scattered showers and some big rains along the Gulf coast from the hurricane. 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 mixed. Support is at 547, 542, and 537 December, with resistance at 560, 568, and 578 December. Trends in Kansas City are mixed Support is at 482, 476, and 470 December, with resistance at 501, 504, and 512 December. Trends in Minneapolis are mixed. Support is at 532, 523, and 519 December, and resistance is at 545, 549, and 555 December.

RICE
General Comments: Rice was a little lower after trading both sides of unchanged. Reports indicate that export and domestic demand has not been real strong, but it has improved lately and could be strong again this week. The rebound in demand supported futures. The harvest has been active in most states with good field yields reported. Quality is said to be very good, especially in Arkansas. Milling yields are higher and appearance is very good with minimal chalk or peck showing.
Overnight News: The Delta should get scattered showers with heavy rains in the south from the hurricane. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1222, 1210, and 1204 November, with resistance at 1260, 1267, and 1290 November.

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