WHEAT
General Comments: The markets were a little higher yesterday in all three markets in response to news that the Surian president had been deposed. Ideas are that Russian shipments could be affected as Russia had bases in Syria and the loss is considered a blow to Russian influence. Tensions remined high between Ukraine, the US, and Russia. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia and Argentina were negative for prices. Wheat farmers in the US can plant the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded about 4.0 million tons of production to feed instead of food. Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 553, 550, and 543 March, with resistance at 565, 571, and 577 March. Trends in Kansas City are mixed. Support is at 551, 544, and 535 March, with resistance at 566, 577, and 591 March. Trends in Minneapolis are mixed. Support is at 593, 586, and 585 March, and resistance is at 608, 613, and 629 March.

RICE
General Comments: Rice closed a little higher yesterday on short covering before the release of the USDA WASDE reports today. The trends are still mixed on the charts. Lower Asian prices are still reported. Brazil prices remain strong and well above US prices. The harvest is over now and the crops are being stored. Increased producer selling interest is likely at this time as futures have rallied above 15.00/cwt.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1486, 1481, and 1457 January and resistance is at 1538, 1544, and 1558 January.

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CORN AND OATS
General Comments: Corn closed higher yesterday as the US harvest wraps up and as demand remains strong. The weekly export sales report showed strong sales. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here in January. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff at a later date. There were no sales announcements in the daily reports from USDA in the last week. Trading volumes are down and it feels like the holiday market is already here. Oats were lower. Canada is also looking at 25% tariffs imposed on exports to the US. The majority of the Oats consumed in the US comes from Canada.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 434, 428, and 426 March, and resistance is at 442, 445, and 448 March. Trends in Oats are mixed to down. Support is at 348, 339, and 332 March, and resistance is at 370, 374, and 376 March.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower yesterday as ideas of big south American production potential of Soybeans continue. Soybean Oil could be stronger today as the WASDE data is expected to show a sharp increase in demand. Soybean Meal was higher on spreading against Soybean Oil. The tariffs that Trump plans to impose could be another detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers are planting what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest this year has hurt US production ideas due to ideas of small and very dry beans in the pods. Soybeans are often harvested at moisture levels below 10% this year. Central and northern Brazil rains will continue. Soils are in much better shape in southern Brazil and Argentina.
Overnight News:
Analysis: Trends in Soybeans are mixed to down. Support is at 974, 968, and 962 January, and resistance is at 1003, 1014, and 1020 January. Trends in Soybean Meal are mixed. Support is at 284.00, 281.00, and 278.00 January, and resistance is at 294.00, 299.00, and 304.00 January. Trends in Soybean Oil are mixed to up. Support is at 4220, 4100, and 4070 January, with resistance at 4450, 4640, and 4770 January.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on reports of weaker exports. Demand from China has not been good, but demand from India has been seasonally strong. Ideas of weaker production caused by too much rain and reports of good demand provided support. The private surveyors have indicated that exports have been weaker so far this month. Canola was higher and the charts show that a low has been completed. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 596.00, 585.00, and 577.00 January, with resistance at 624.00, 633.00, and 643.00 January. Trends in Palm Oil are mixed to up Support is at 4990, 4930, and 4800 February, with resistance at 5200, 5260, and 5320 February.

Midwest Weather Forecast Mostly dry. Temperatures should average near to below normal.

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Softs Report - Tuesday, Dec. 3