WHEAT
General Comments: All three markets closed lower yesterday as the weather for growing crops was improved with more reports of showers in western growing areas. Rains have become much less in the southern Midwest and Mid South but flooding reports continue. The White House made a pause in the implementation of the reciprocal tariffs for 90 days but is still imposing blanket tariffs on most of the world and the old Mexican and Canadian tariffs. The tariffs will cost producers more for inputs and should damage upside price potential if the reciprocal tariffs start again. Chart trends are up in Winter Wheat markets and in Minneapolis. Dry outlooks for the Great Plains and Black Sea regions are still the main feature. Overall demand has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 535, 521, and 518 May, with resistance at 557, 563, and 568 May. Trends in Kansas City are mixed. Support is at 553, 546, and 542 May, with resistance at 577, 583, and 598 May. Trends in Minneapolis are mixed to up. Support is at 599, 593, and 578 May, and resistance is at 626, 635, and 646 May.

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RICE
General Comments: Rice closed higher again yesterday and are holding to a sideways to up trend. Prices remain cheap and could threaten the planted area as it will cost more to produce Rice than it is getting in the market right now. 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 getting planted in southern growing areas now, and Texas is now about 80% done. Progress in Louisiana has been very good.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1357, 1326, and 1315 May and resistance is at 1393, 1409, and 1427 May.

CORN AND OATS
General Comments: Corn closed lower yesterday as the market reacted to the good planting weather in the Midwest and the latest in the tariff wars. Demand for Corn in domestic and world markets remains strong, but Corn demand could get hurt if Trump decides to push the reciprocal tariffs on the rest of the world again. The US is the best offer in the world for now and has been getting the business even with the tariff battles going on. The news that the White House has paused implementation of the new reciprocal tariffs by 90 days but held the world tariff schedule at 10% was viewed with relief by the market as the reciprocal tariffs had been much higher. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are too wet. It has become warmer in a lot of the Midwest and planting progress is expected to be much improved this week. Oats were higher and the trends are up in this market.
Overnight News: Portugal bought 110,000 tons of US Corn.
Chart Analysis: Trends in Corn are up. Support is at 477, 470, and 461 May, and resistance is at 492, 500, and 512 May. Trends in Oats are mixed to up. Support is at 322, 317, and 312 May, and resistance is at 353, 362, and 367 May.

SOYBEANS
General Comments: Soybeans closed mixed and the products closed lower yesterday as the market reacted to news or better demand due to high Brazil FOB premiums. There was news that the reciprocal tariffs have been put on pause for 90 days. The world wide tariff of 10% remains intact as do tariffs on Mexico and Canada. 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 higher as the weather remains too wet to the east and south and too dry to the west. Warmer temperatures are expected this week.
Overnight News
Analysis: Trends in Soybeans are up Support is at 1030, 1011, and 991 May, and resistance is at 1051, 1055, and 1067 May. Trends in Soybean Meal are up. Support is at 295.00, 289.00, and 280.00 May, and resistance is at 304.00, 307.00, and 310.00 May. Trends in Soybean Oil are mixed to up. Support is at 4580, 4440, and 4390 May, with resistance at 4850, 4920, and 5040 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on weaker Soybean Oil futures. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand ideas are weaker. Chart trends are mixed. Canola was a little higher yesterday and trends are still up on the daily charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. Canada will not be exempted by the 90 day pause.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 638.00, 624.00, and 609.00 May, with resistance at 673.00, 682.00, and 690.00 May. Trends in Palm Oil are mixed to down. Support is at 4070, 2910, and 3790 June, with resistance at 4230, 4280, and 4340 June.

Midwest Weather Forecast Scattered showers. Temperatures should average near to below normal.

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