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Wheat

General Comments: Wheat was a little lower yesterday on strength in the US Dollar and weakness in prices in Russia and Europe. The WASDE reports should show increased ending stocks. The weekly export sales report was not strong and the weaker sales are due to strong competition from Russia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. EU offers were unchanged to help keep US offers from falling. Russian and Ukraine's offers are weaker. Some support came from the bombings in the Red Sea that have interrupted commerce. It is warm in the US and Canada week this week. Warm temperatures are also forecast for next week. Black Sea offers are still plentiful and Russian prices appear to be weakening.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be much below normal. Northern areas should see mostly dry conditions. Temperatures will average much below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average much below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 585, 576, and 568 March, with resistance at 613, 622, and 630 March. Trends in Kansas City are mixed. Support is at 607, 601, and 587 March, with resistance at 641, 647, and 655 March. Trends in Minneapolis are mixed. Support is at 689, 679, and 674 March, and resistance is at 713, 720, and 729 March.
 

Rice

General Comments: Rice closed lower yesterday on some apparent long liquidation. Trends are still up on the daily charts. The WASDE reports will be monitored for changes given the recent rally. Speculative and producer selling was found above 1800 March last week, but the buy side took advantage of the sharp move lower to get some pricing done. The overseas markets feature less production in Brazil and India and it appears that the a lack of offer from these markets here in the US. Warmer and wetter weather is expected this week and next in the Delta and Texas.
Overnight News:
Chart Analysis: Trends are mixed to up with objectives of 1913 and 2007 March. Support is at 1819, 1801, and 1785 March and resistance is at 1864, 1876, and 1888 March.
 

Corn And Oats

General Comments: Corn closed about unchanged in consolidation trading. Trends remain mixed. WASDE reports will be released this week with no changes expected. The weather forecasts for Argentina are improving with more showers expected this weekend but coming after a hot and dry period first. On the other hand, more rain is forecast for central and northern Brazil and the Soybean harvest could be delayed and that could mean less Corn planted areas Soybean quality could be reduced as well. Oats were higher in range trading. The market anticipates increased selling from US producers, but many have sold enough, and elevators and processors are reported to be full. Producers are looking for higher prices now as crops are in the bin for the Winter. Ideas of weak demand are keeping prices low. The market feels that there is more than enough Corn for any demand.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 440, 437, and 435 March, and resistance is at 448, 452, and 456 March. Trends in Oats are mixed. Support is at 368, 350, and 338 March, and resistance is at 385, 393, and 402 March.
 

Soybeans

General Comments: Soybeans and the products were higher on warm and dry forecasts for this week in Argentina. It should rain after that. USDA will issue its next WASDE report late this week with no big changes expected. Rains are in the forecast after the extreme weather seen over the next week in Argentina. Such rains would be beneficial for reproducing Corn and Soybeans. The precipitation keeps falling in Brazil and is expected to continue through this week. The rains could be detrimental to the quality of Soybeans and the planting dates for Winter Corn. Support also came from reports of reduced Brazil production. The trade remains concerned about the weather forecasts for South America but is holding to ideas of production over 150 million tons. However, there are more estimates that production is below 150 million tons and in some cases much below that level as yield reports from Mato Grosso have been poor and less than expected by analysts. Wire reports indicate that Chinese hog herds have been cut significantly and much less Soybean Meal demand is expected from that sector. Soybean import requirements could be 20% less as a result. China continues to source more Soybeans from Brazil than the US.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1162 and 1136 March. Support is at 1180, 1168, and 1152 March, and resistance is at 1207, 1223, and 1228 March. Trends in Soybean Meal are mixed. Support is at 352.00, 346.00, and 344.00 March, and resistance is at 366.00, 370.00, and 373.00 March. Trends in Soybean Oil are mixed to down with no objectives. Support is at 4450, 4400, a6nd 4340 March, with resistance at 4710, 4790, and 4860 March.
 

Canola And Palm Oil

General Comments: Palm Oil was lower last week on weak export data from private sources and on weaker prices in competing oils markets. It was higher today. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are turning down on the daily charts and on the weekly charts. Canola was higher on price action in Chicago. There are still forecasts for better rains in Argentina after a dry spell ends in a week or so and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales. Trends are turning down on the daily and weekly charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 586.00, 580.00, and 573.00 March, with resistance at 601.00, 615.00, and 625.00 March. Trends in Palm Oil are mixed to down with no objectives. Support is at 3720, 3680, and 3620 April, with resistance at 3800, 3860, and 3900 April.

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