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WHEAT
General Comments: Wheat markets were higher yesterday and the trends started to turn up in Winter Wheat markets on the daily charts. Spring Wheat chart trends are still sideways. It appears that the harvest lows have finally been made in the Winter Wheat markets but Spring Wheat still needs to work higher and make the breakout.. Demand needs to improve as export sales have not been strong for the last year despite weaker production for much of the world and the war in Ukraine that has held up shipments of Wheat from there and from Russia until recently. The markets remain affected by the war in Ukraine and the chances for increased exports from both Ukraine and Russia. Those chances are very strong right now. Russia reports that it has produced a big crop and has reduced export taxes recently in an effort to get Wheat sales on the books. Ukraine has taken advantage of the shipping corridor agreement with the UN and Russia and has been shipping Corn and Wheat. Europe is too hot and dry and the US central and southern Great Plains have also been too hot and dry. Dry weather is affecting the Indian production as well.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should average near to above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see isolated showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 830 and 868 September. Support is at 792, 764, and 757 September, with resistance at 846, 854, and 904 September. Trends in Kansas City are mixed to up with objectives of 923, 958, and 965 September. Support is at 889, 862, and 8247 September, with resistance at 948, 978, and 988 September. Trends in Minneapolis are mixed. Support is at 901, 878, and 865 September, and resistance is at 947, 956, and 999 September.

RICE
General Comments: Rice was a little lower yesterday after a dramatic move lower on Sunday night. It looks like some stops were hit one futures broke through initial support and there was just nothing to buy in the market to hold the selling. The marker recovered very quickly and the losses at the close were minor. The charts are in mostly a sideways mode but appear to have rejected a move to lower prices. The Texas harvest is in full force and yield reports have been variable as have been quality reports. Some producers are getting done with harvesting in Texas as well as in southern Louisiana Yield reports have been generally good in Louisiana and quality reports are generally good. Trends are turning up on the daily charts. Crop conditions are mostly good to excellent for now in Arkansas and Mississippi.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1707, 1695, and 1685 September and resistance is at 1733, 1747, and 1754 September.

CORN AND OATS
General Comments: Corn closed higher in response to bullish production estimates from Pro Farmer and on ideas that USDA would lower its crop ratings in the reports that were released last night. The crop tour rated South Dakota, Nebraska, and Indiana at below last year and the three year average. Iowa crops were also below the three year average and last year. The eastern leg of the tour found average yield potential in Ohio and parts of eastern Indiana but below average yield potential for Indiana as a whole. Illinois crops were below last year but above the three year average. Minnesota crops were rated above last year and the three year average and was the only state to be so rated. The Pro Farmer national Corn yield was estimated at 168.1 bushels per acre Basis levels in the Midwest are strong amid light farm selling. It is still very hot and dry in parts of China and there is increasing concern about Corn production there this year. It has also been very hot and dry in Europe.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 691, 710, and 711 September. Support is at 671, 655, and 6340 September, and resistance is at 684, 690, and 695 September. Trends in Oats are mixed. Support is at 404, 398, and 392 September, and resistance is at 430, 432, and 443 September.

SOYBEANS
General Comments: Soybeans and the products were lower to start the week based on the yield estimates released by Pro Farmer after the close on Friday. The tour did not predict yields for Soybeans, but it did count pods in a 3 foot by 3 foot square. The counts showed potential for poor crops in South Dakota but above average crops in Ohio and parts of eastern Indiana. Tour participants rated the Soybeans counts in Nebraska as below last year but in line with the three year average. Iowa crops were also below last year and the three year average. Indiana counts were below last year and the three year average. Illinois crops were below last year but above the three year average. Minnesota crops were rated above last year and the three year average and were the only crops so rated. The national yield estimate from Pro Farmer was 51.7 bushels per acre. Basis levels are still strong in the Midwest as demand has been improved. There are still renewed Chinese lockdowns and there are fears that China has been importing less as a result. However, there was talk on Friday that the Chinese government is about to lift controls and end its zero tolerance policy to create new economic growth. This talk has not been confirmed. Brazil is still exporting Soybeans so the US demand could be weaker. Brazil is still selling Soybeans as well, but for now the Chinese appear to be buying here. There is still a chance for weaker demand for US Soybeans once the Chinese demand is satisfied.
Overnight News: Unknown destinations bought 264,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1612 1632, and 1668 September. Support is at 1550, 1537, and 1521 September, and resistance is at 1613, 1620, and 1632 September. Trends in Soybean Meal are up with objectives of 488.00 September. Support is at 469.00, 458.00, and 456.00 September and resistance is at 488.00 495.00, and 498.00 September. Trends in Soybean Oil are up with objectives of 7710 September. Support is at 6980, 6790, and 6540 September, with resistance at 7250, 7290, and 7440 September.

CANOLA AND PALM OIL
General Comments: Palm Oil was a little lower today with the price action in Chicago. MPOB data will be released this week and will help direct the next move for the futures market. Ideas are that supply and demand will be strong. Canola was lower along with Chicago Soybean Oil and on the StatsCan production estimates. The report used a computer based model to predict production at 19.5 million tons, above 18.4 million in an earlier estimate and 13.76 million last year. Soybean Oil has been the strongest of the world vegetable oils markets despite a strong US Dollar as ideas are that Soybeans production can be less this year The Canola growing conditions are much improved with rans being reported in recent days but the rains are bringing some concerns about disease showing.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 826.00, 819.00, and 795.00 November, with resistance at 857.00, 870.00, and 877.00 November. Trends in Palm Oil are mixed. Support is at 4050, 4000, and 3980 November, with resistance at 4380, 4500, and 4840 November.

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