WHEAT
General Comments: Wheat markets were higher yesterday as Russia pulled its army back from Ukrainian cities. It left a trail of atrocities in its wake and the world is now looking to place more sanctions on Russia. Trends are sideways to down on the daily charts and down on the weekly charts for the Winter Wheat markets and sideways for the Minneapolis market for Spring Wheat due to less than expected planted area projections from farmers. Ports are closed in Ukraine and Russian shippers and exporters are not offering in part due to sanctions but mostly due to the war and the chance to lose ships. Ukraine can rail the exports to the EU for shipment but the amount that can be moved is very limited.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should average above normal. Northern areas should see mostly dry conditions. Temperatures will average above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 962 May. Support is at 977, 981, and 945 May, with resistance at 1032, 1047, and 1075 May. Trends in Kansas City are mixed to down with no objectives. Support is at 981, 966, and 896 May, with resistance at 1042, 1059, and 1089 May. Trends in Minneapolis are mixed. Support is at 1075, 1027, and 1019 May, and resistance is at 1116, 1122, and 1138 May.

Stock photos by Vecteezy

RICE
General Comments: Rice was lower on poor weekly export sales report. New crop prices were fractionally higher on Friday on reduced planted area indications from farmers in the survey released by USDA. Farmers intend to plant on about 2.45 million acres this year, from above 2.5 million last year. There is a lot of concern about the high costs of raising Rice. Russia has said it is pulling its troops back from Ukrainian cites to eastern areas it already controls but as failed to do so and appears to be deploying troops around the cities again. Trends are sideways on the daily charts. The cash market is showing that domestic mill business is around everywhere in lighter volumes. Producer sales are reported to have been way ahead of average early in the marketing year so stocks on hand in first hands are reported to be lower than normal.
Overnight News: The Delta should get scattered showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1581, 1561, and 1548 May and resistance is at 1628, 1644, and 1684 May.

CORN AND OATS
General Comments: Corn closed higher but inside the recent trading range on the daily and weekly charts last week partly in response to the USDA reports. Some speculative buying appeared to be getting done in new crop months held firm on the much reduced planted area ideas from farmers but nearby months were firmer as the selling seen from speculators in the nearby was not noted to be strong yesterday. Russia has pulled back from Ukrainian cities and many atrocities left by the army are being reported.. The potential loss of Ukraine exports of Corn makes the world situation tighter and could be enough to keep Corn prices trending higher for now. The ports remain closed and Ukraine can rail out to the EU in limited amounts. Russia is also a Corn exporter and no product is moving from either country at this time China has a Covid outbreak again and has closed some cities and some ports in response. The moves are harsh but China has a no tolerance policy about the pandemic. The closings of cities and ports will hurt the economy as people can’t make or spend money and hurt imports as there will be fewer places to unload cargoes. It was a big buyer of US Corn yesterday as it still needs to import feed grains.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 727, 714, and 691 May, and resistance is at 770, 784, and 792 May. Trends in Oats are mixed. Support is at 716, 694, and 681 May, and resistance is at 747, 752, and 764 May.

SOYBEANS
General Comments: Soybeans and the products were higher as Russia pulled ts army back from Ukrainian cities and left a trail of atrocities in its wake. More sanctions are now threatened for Russia due to what the world is seeing in Ukraine right now. The move came despite worries about Chinese demand because of Covid lockdowns there. Supplies available to the export market from South America remain limited. Both Ukraine and Russia are major exporters of Sunoil and control about 80% of the market combined. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America. They are buying for this year and already have booked a large amount of new crop Soybeans to cover future needs. Ideas are that the Chinese economy could slow down due to the Covid lockdowns there and cause the country to purchase less Soybeans in the world market. Shanghai has said it will remain open but asked office workers to work from home in a hybrid format. The world situation is still tightening as Brazil and Argentina are getting into the harvest of less Soybeans. Paraguay might import Soybeans this year from Argentina.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1540, 1526 and 1462 May. Support is at 1546, 1534, and 1526 May, and resistance is at 16016, 1622, and 1638 May. Trends in Soybean Meal are down with objectives of 446.00, 431.00, and 427.00 May. Support is at 448.00, 442.00, and 436.00 May, and resistance is at 465.00 480.00, and 485.00 May. Trends in Soybean Oil are down with objectives of 6530, 6510, and 6040 May. Support is at 6890, 6820, and 6690 May, with resistance at 7230, 7420, and 7520 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on what was called bargain hunting. A new Covid outbreak is reported there and cities and infrastructure has been shut down, including some airports and water ports. The economy could slow down and affect demand. Demand in Malaysia could improve soon as Indonesia is expected to keep most Palm Oil at home. However, production from Malaysia is expected to increase as well as the Covid lockdowns finally go away and as the weather is good for production. Indonesia is once again making moves to cut the availability of Palm Oil for export as it manages high internal prices. Canola was much higher in response to the dry conditions in Canada It is reported to be very dry and has been cold for planting. There are ideas of reduced Sunflower export potential from Russia and Ukraine. The market is worried about South American production as well. Canada produced a very short crop of Canola last year so supplies are tight. Futures prices are still in a trading range.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 1185.00, 1194.00, and 1224.00 May. Support is at 1156.00, 1145.00, and 1135.00 May, with resistance at 1178.00, 1183.00, and 11200.00 May. Trends in Palm Oil are mixed to down with objectives of 5280 and 4330 June. Support is at 5480, 5460, and 5370 June, with resistance at 5820, 5950, and 6090 June.