Grains Report - Tuesday, Aug. 17

WHEAT
General Comments: Wheat was mixed as world markets held strong. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market. Trends in Winter Wheat markets are still up. Crop size estimates in Russia have been reduced. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. Some showers are no in the forecast for the drier areas over the next week, then showers and cooler temperatures are in the forecast. The weather in China and Europe is wet and there is potential for reduced quality in Europe. Europe is expecting top yields in some areas but less yield in others as are parts of eastern Europe and northern Russia. It has been very cold in South America and the winter crops are in trouble in Brazil and Paraguay. US White Winter Wheat production is also being hurt by hot and dry weather, but a cold front could bring some relief in several days.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be near to above
normal. Northern areas should see mostly dry conditions. Temperatures will be near normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are up with objectives of 794 and 815 September. Support is at 748, 739, and 730 September, with resistance at 778, 784, and 790 September. Trends in Kansas City are up with objectives of 780 September. Support is at 732, 718, and 702 September, with resistance at 758, 764, and 780 September. Trends in Minneapolis are up with objectives of 957 and 995 September. Support is at 925, 920, and 905 September, and resistance is at 954, 960, and 966 September.

Photo by Sandy Ravaloniaina on Unsplash

RICE
General Comments: Rice closed a little higher. The harvest is now expanding through southern growing areas. Initial yield reports and quality reports have not been real good. Smut has been reported in Texas but the smut is coming off the grain in the cleaning process. The smut problem appears to be worse around Houston. The trends are mixed in the market. Traders expect average to weak production. The harvest got started in Texas and southern Louisiana. The harvest pace is expected to be slow due to ongoing showers in both regions. Ideas of average yields at best are also heard in Arkansas and Mississippi. Growing conditions have been mixed at best with many areas getting too much rain. Asian prices are mostly steady this week.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed to up with objectives of 1362, 1387, and 1390 September. Support is at 1341, 1337, and 1335 September, with resistance at 1368, 1389, and 1394 September.

1 2 3
View single page >> |

Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.