WHEAT
General Comments: All three markets closed lower yesterday as the weather for growing crops improved with more reports of and forecasts for showers in western growing areas. Crops in the Great Plains are reported to be in good condition. Rain has become much less in the southern Midwest and Mid South. Chart trends are mixed in Winter Wheat markets and in Minneapolis. Traders keep talking about a tight market as a reason to support prices, but enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still a main feature. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 512, 506, and 500 May, with resistance at 537, 548, and 556 May. Trends in Kansas City are down. Support is at 530, 524, and 518 May, with resistance at 548, 556, and 569 May. Trends in Minneapolis are mixed to down. Support is at 578, 573, and 567 May, and resistance is at 601, 604, and 613 May.

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RICE
General Comments: Rice closed lower yesterday on increased speculative selling. The cash market has been slow with mostly quiet domestic markets and average export demand. 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 planted in southern growing areas now and is about half done farther to the north.
Overnight News:
Chart Analysis: Trends are down. Support is at 1191, 1176, and 1164 May and resistance is at 1323, 1338, and 1359 May.

CORN AND OATS
General Comments: Corn closed a little lower yesterday, and the market also reacted to better planting weather in the Midwest. Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet. Demand for Corn in domestic and world markets remains strong with sales of above 1.0 million tons in the latest reporting week. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are drying out after being too wet. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week, but rain remains in the forecast. Oats were higher, and the trends are mixed in this market.
Overnight News: Spain bought 120,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up. Support is at 470, 461, and 454 May, and resistance is at 481, 492, and 500 May. Trends in Oats are mixed to up. Support is at 349, 339, and 335 May, and resistance is at 371, 380, and 385 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal were mixed yesterday, and Soybean Oil closed higher as the market reacted to news of better demand due to high Brazil FOB premiums as well as the news from the president that the US could potentially greatly reduce tariffs on China. Soybean Oil was higher on hopes or a new deal on green fuels that could pass the congress. 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 lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend.
Overnight News Unknown destinations bought 110,000 tons of US Soybeans.
Analysis: Trends in Soybeans are up Support is at 1028, 1011, and 991 May, and resistance is at 1058, 1067, and 1073 May. Trends in Soybean Meal are up. Support is at 286.00, 280.00, and 277.00 May, and resistance is at 295.00, 299.00, and 302.00 May. Trends in Soybean Oil are mixed to up. Support is at 4740, 4580, and 4440 May, with resistance at 5070, 5100, and 5150 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on speculative selling. There is talk of reduced supplies in the market. Chart trends are mixed. Canola was mixed yesterday and traded at new highs for the move early in the session. Trends are still up on the daily charts and weekly charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 680.00, 674.00, and 655.00 May, with resistance at 702.00, 708.00, and 714.00 May. Trends in Palm Oil are mixed. Support is at 3910, 3790, and 3870 June, with resistance at 4130, 4230, and 4280 June.

Midwest Weather Forecast Mostly dry conditions today but big rains possible tonight. Temperatures should average above normal.

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