WHEAT
General Comments: Wheat markets were higher last week on reports of some fighting in the Donbas region of Ukraine that sits along the Russian border and is already under Russian control. The US said again that Russia could invade at any time and maybe later this week and that Putin has given the army orders to invade and take the Ukraine state back into the orbit of Russia. It said it had not seen Russian troops pull back from the Ukrainian border although Russia insisted some of its troops had done so. The US says that Russia has actually increased the number of army men near the frontier. Ukrainians have no interest in living under Russian occupation so the war could be deadly and very costly to both sides. Russia might have jammed the internet inside Ukraine. Russia and Ukraine are both major Wheat exporters so the Wheat market could be damaged. It remains dry in the western Great Plains but some precipitation is expected. Ideas had been that the US will have good demand for Wheat as the rest of the northern hemisphere is short production this year but so far demand has been average or less against previous years. Dry weather in southern Russia, as well as the US Great Plains and Canadian Prairies, caused a lot less production.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should average above normal. Northern areas should see scattered showers. Temperatures will average below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average below normal. Nigeria bought 120,000 tons of US HRW Wheat.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 814 and 852 March. Support is at 793, 787, and 773 March, with resistance at 814, 824, and 831 March. Trends in Kansas City are mixed to up with objectives of 880 March. Support is at 830, 813, and 797 March, with resistance at 850, 871, and 885 March. Trends in Minneapolis are mixed. Support is at 957, 940, and 937 March, and resistance is at 972, 979, and 991 March.

Photo by Sandy Ravaloniaina on Unsplash

RICE
General Comments: Rice rebounded from lower prices to start the week and then spent the rest of the week developing a trading range. Futures still closed lower for the week. The cash market is showing that domestic mill business is around everywhere but not real active anywhere. Producer sales are reported to have been way ahead of average early in the marketing year so stocks on hand in first hands are reported to be lower than normal. The cash market is reported to be relatively strong in moderately active trading as prices have held firm. Ideas are that there is very little Rice left in producer control. Asian prices were firm last week.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are mixed. Support is at 1474, 1463, and 1461 March and resistance is at 1500, 1525, and 1552 March.

CORN AND OATS
General Comments: Corn closed higher and held to the range in reaction to the South American production estimates that have been dropping due to hot and dry weather in Argentina, Paraguay, and southern Brazil. The South American agricultural areas got an inch or less of precipitation last week and are now turning hot and dry again. Crop losses are becoming more and more of a reality for the Corn market right now. The Soybeans harvest farther north is being somewhat delayed due to wet weather and this might affect planting of the Safrinha crop in Brazil. Planted area there as well as in the US is in question due to the high costs and the lack of availability of inputs for growing a successful crop.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 648, 636, and 625 March, and resistance is at 657, 663, and 668 March. Trends in Oats are down with objectives of 695, 658, and 604 March. Support is at 694, 677, and 666 March, and resistance is at 715, 732, and 737 March.

SOYBEANS
General Comments: Soybeans were higher last week on reduced production estimates from private analysts in Brazil and Argentina. The products closed mixed, with Soybean Oil higher and Soybean Meal lower. Soybean Oil found support from news that India is in the process of buying 100,000 tons or more of US Sobean Oil instead on in South America due to production and price. News on Wednesday that Paraguay might have to buy Soybeans from Argentina as it did not grow enough on its own due to the drought was also supportive. It is still possible that the market topped out on Thursday at least for the short term. The market had been supported on what appeared to be speculative buying in response the South American weather. The South American weather remained difficult. Mostly hot and dry conditions are expected for the next week after a few showers in most areas last week. It will stay very wet in central and northern parts of Brazil.
Overnight News: China bought 132,000 tons of US new crop Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1577, 1542, and 1536 March, and resistance is at 1613, 1624, and 1633 March. Trends in Soybean Meal are mixed. Support is at 438.00, 431.00, and 420.00 March, and resistance is at 455.00 462.00, and 475.00 March. Trends in Soybean Oil are up with objectives of 6990 and 7410 March. Support is at 6660, 6580, and 6440 March, with resistance at 6860, 6990, and 7120 March.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on good export demand news and a rally in Chicago Soybean Oil. It was higher today on demand ideas and the Russian invasion of Ukraine. Demand in Malaysia could improve soon as Indonesia is expected to keep most Palm Oil at home. Indonesia is once again making moves to cut the availability of Palm Oil for export as it seeks to keep more at home for bio fuels purposes. There are still poor production conditions in Malaysia and Indonesia. Traders are mostly worried about demand from India who has been buying Soybean Oil in the US instead of Palm Oil from Malaysia and Indonesia and is also worried about China and its demand for Palm Oil for bio fuels. Canola was mostly higher along with Chicago, but prices have held inside a trading range since the start of November. Chart trends are mixed but the market held important support areas on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 972.00 and 937.00 March. Support is at 998.00, 993.00, and 977.00 March, with resistance at 1018.00, 1027.00, and 1033.00 March. Trends in Palm Oil are mixed. Support is at 5340, 5300, and 5240 May, with resistance at 5570, 5590, and 5650 May.