WHEAT
General Comments: Wheat markets closed lower but mostly held to a trading range, Indications are that some ships are moving from Ukraine through the Black Sea with grain cargoes. Demand for US Wheat needs to improve. Demand has been poor for US Wheat and should remain bad as Russia production looks strong and exports from Russia have not abated. It is certain that there will be no grain deal soon for Ukraine exports through the Black Sea and any export from the Danube will be difficult if not impossible. Ukraine will still be able to ship via land through the EU. It is unlikely that any ship owner or ship insurer will take the chance on any passage of Ukrainian grain through the Black Sea, and maybe not for Russia, either. The world access to Wheat from at least one and perhaps both countries is a lot more restricted. Weather forecasts call for drier weather for the northern Great Plains and Canadian Prairies and some areas will be real hot. Canada is now suffering potential crop losses due to dry weather.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 582, 576, and 570 September, with resistance at 621, 626, and 643 September. Trends in Kansas City are mixed. Support is at 730, 727, and 720 September, with resistance at 761, 779, and 794 September. Trends in Minneapolis are down with objectives of 761 September. Support is at 760, 754, and 740 September, and resistance is at 790, 803, and 811 September.

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RICE
General Comments: Rice closed higher yesterday on ideas of bad production conditions even as the US harvest expands. Yields are called average to below average in Texas and average so far in Arkansas. The quality has been a little uneven with some crops affected by the extreme heat in southern areas that has hurt field yields in some areas. India will not allow Rice exports except for Basmati for now because of too much rain on some the crops and not enough for other areas. Northern areas are too wet and southern areas are too dry. India is the largest exporter of Rice in the world, so it was big news and one that implies that a sharp increase in world price is now possible.
Overnight News: The Delta should get isolated showers. Temperatures should be above normal.
Chart Analysis: Trends are up with no objectives. Support is at 1570, 1552, and 1540 September and resistance is at 1603, 1620, and 1632 September.

CORN AND OATS
General Comments: Corn was higher on expectations for stressful weather to continue and as the Pro Farmer crop tour found less than good crops on the complete tour. Highly variable conditions were noted especially in western areas. Pro Farmer estimated production at 14.96 billion bushels with a yield of 172 bu/acre Weather forecasts remain mostly dry and warm for the Midwest for this week and the next couple of weeks. The crops will need rain to maintain the condition due to the lack of soil moisture from three months of drought that ended at the end of June but the crops are not expected to see much rain if any rain at all. A return to hot and dry weather now could impact yields in a bad way. Demand for US Corn in the world market has been very low and domestic demand has been weak due to reduced Cattle and other livestock production. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are getting relatively cheap and Brazil is getting the business.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 461, 459, and 456 September, and resistance is at 493, 495, and 508 September. Trends in Oats are up with no objectives. Support is at 462, 439, and 424 September, and resistance is at 488, 494, and 500 September.

SOYBEANS
General Comments: Soybeans and the products were higher on less than good crops seen by the Pro Farmer tour last week and on ideas that stressful conditions are likely to persist for at least the next couple of weeks. Highly variable conditions were noted especially in western areas. Pro Farmer estimated production at 4.11 billion bushels with a yield of 49.7 bu/acre Demand forced the soy complex lower early in the week. Weather forecasts call for warm and dry conditions for the Midwest. Most longer-range maps indicate the potential for dry weather. Temperatures are expected to be above normal. Ideas are that the top end of the yield potential is gone and severe damage is becoming possible in some areas. Brazil basis levels are still low, and the US is being shut out of the market for most importers, but the US is price competitive now. Brazil is still selling a lot of Soybeans to China and other countries. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina.
Overnight News: Unknown destinations bought 105,000 tons of US Soybean Meal and 246,100 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with objectives of 1415 and 1465 September. Support is at 1387, 1364, and 1338 September, and resistance is at 1401, 1420, and 1440 September. Trends in Soybean Meal are up with objectives of 429.00 and 444.00 September. Support is at 415.00, 406.00, and 395.00 September, and resistance is at 434.00, 445.00, and 442.00 September. Trends in Soybean Oil are mixed. Support is at 6400, 6310, and 6210 September, with resistance at 6740, 6950, and 7000 September.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on price action in Chicago Soybean Oil. Futures were lower today as the private sources reported that the export pace is now behind that of last month. Production ideas are strong and are helping to keep rallies in check. Canola was higher on Chicago price action. Drier weather is generally forecast for the Prairies and the crop has been stressed. Ideas are that StatsCan will show a reduction in production potential in its updates later this week.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 782.00, 777.00, and 758.00 November, with resistance at 836.00, 859.00, and 854.00 November. Trends in Palm Oil are mixed. Support is at 3800, 3700, and 3680 November, with resistance at 3960, 4050, and 4210 November.

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