WHEAT
General Comments: Wheat was lower on ideas of disappointing demand. The export inspections report released yesterday showed Wheat export demand was below trade expectations. Statscan released its production estimates and showed less Wheat production, but slightly more than the trade had expected. The weekly export sales was poor last week. The demand has not been seen here, so the Winter Wheat markets have not been able to do more than hold in a range. The weather remains a big problem at home and around the world. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the US and Canada are seeing some showers and cooler temperature this week. Crop size estimates in Russia have been reduced and domestic Russian prices are above world prices. 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 now in the forecast for the drier areas but are not expected to help much. 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 and parts of eastern Europe and northern Russia are expecting strong yields.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to above
normal. Northern areas should see scattered showers. Temperatures will be near normal. The Canadian Prairies should see isolated to scattered showers. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 719, 705, and 693 December, with resistance at 732, 745, and 754 December. Trends in Kansas City are mixed. Support is at 709, 700, and 6785 December, with resistance at 722, 735, and 738 December. Trends in Minneapolis are mixed. Support is at 902, 899, and 880 December, and resistance is at 927, 937, and 950 December.

Image by 41330 from Pixabay

RICE
General Comments: Rice closed a little lower yesterday and spreads between September and November were the most active trade. Hurricane Ida came onshore and could hurt crops in Mississippi. The crops in Louisiana were mostly harvested by the time the storm hit. A delayed harvest is expected in Mississippi and Arkansas. Initial yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. 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 harvest pace is expected to be slow due to ongoing showers in both regions and farther into the north. Harvest activities are stalled now in Louisiana and perhaps in Mississippi although Mississippi has been slow to get started anyway. Ideas of average yields are also heard in Arkansas and Mississippi. Growing conditions have been mixed at best with many areas getting too much rain. Chart trends are sideways.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed. Support is at 1340, 1329, and 1308 November, with resistance at 1348, 1358, and 1368 November

CORN AND OATS
General Comments: Corn was lower as speculators sold due to liquidation of September positions and the fact that Hurricane Ida came onshore in Louisiana and damaged some export terminals on the Mississippi River. The weather remains a feature of the trade but is less important now as pollination is done and the Corn is filling kernels and starting to mature. Some forecasts call for improved weather, especially in the northern and western belt. The eastern and southern belt should stay warm and dry but the north should be cooler and with a few showers. The growing conditions in the US are highly variable and not likely to produce trend line or record yields. Ideas are that Brazil Corn production could be less than 85 million tons so reduced production estimates are expected in coming reports. Oats were higher last week as the weather remains bad for production even with the crop near or in harvest. The uncertain weather in the northern Great Plains and Canadian Prairies remains the best support for the market. Canadian Oats areas and those in the northern Great Plains remain too hot and dry. Some rain is now around but is too little and too late to materially help crops.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 537, 530, and 524 December, and resistance is at 558, 566, and 588 December. Trends in Oats are mixed. Support is at 510, 505, and 492 December, and resistance is at 525, 5231, and 538 December.

SOYBEANS
General Comments: Soybeans and the products were lower as speculators liquidated long September positions before First Notice Day today and as Hurricane Ida came onshore in Louisiana and damaged some of the loading facilities along the Mississippi River. Exports will be interrupted for at least a few days. Funds were the most active sellers in all three markets. China bought more shipments of Soybeans but demand is still weaker than expected overall. US weather is still a feature in the market beside the hurricane. Western and northern areas could get some showers this week, but eastern and southern areas look to stay drier. The forecast feature cooler temperatures as the week moves on. Soybeans conditions in central production area started the year too wet and have suffered some production losses
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1287, 1277, and 1260 November, and resistance is at 13625, 1339, and 1361 November. Trends in Soybean Meal are mixed. Support is at 343.00, 340.00, and 337.00 October, and resistance is at 349.00, 354.00, and 358.00 October. Trends in Soybean Oil mixed. Support is at 5860, 5830, and 5700 October, with resistance at 6090, 6160, and 6290 October

CANOLA AND PALM OIL
General Comments: Palm Oil was closed for a holiday. Exports so far this month have not been strong. Futures are still a trading range market on ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed lower as production expectations remain low. Statscan released its production estimates and those were above trade expectations. Damaging weather continues in the Canadian Prairies and northern Great Plains. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry in the Prairies although southern areas have been getting some very needed precipitation. Cool temperatures are forecast for this week.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 884.00, 867.00, and 850.00 November, with resistance at 919.00, 940.00, and 949.00 November. Trends in Palm Oil are mixed. Support is at 4160, 4050, and 3970 November, with resistance at 4400, 4430, and 4530 November.