Grains Report - Tuesday, Jan. 12

WHEAT        

General CommentsWinter Wheat markets were lower on speculative selling before the USDA reports today. World markets remained stable and there are more forecasts for rain and snow in the southern Great Plains. Rain and snow will be beneficial to crops in the region. Southern Russia has also gotten some rain and snow now as the crops there are dormant. The snow can help protect crops against Winterkill and the rain and snow can be used in the Spring to support initial growth..US prices remain very close to international prices and US markets have searched for new demand. Export demand has remained stable and moderate with the close price relationships. World prices have worked higher even with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving to completion.

Overnight News: The southern Great Plains should get isolated showers or dry conditions. Temperatures should be near normal. Northern areas should see scattered showers today and tomorrow, then mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.

Chart Analysis: Trends in Chicago are mixed. Support is at 628, 614, and 607 March, with resistance at 652, 660, and 664 March. Trends in Kansas City are mixed. Support is at 587, 573, and 563 March, with resistance at 603, 616, and 618 March. Trends in Minneapolis are mixed. Support is at 596, 590, and 583 March, and resistance is at 614, 620, and 626 March.

selective focus photo of plant

Image Source: Unsplash

RICE  

General Comments: Rice was a little lower before the USDA reports. Trading still reflects the lack of activity in the domestic cash market and the lack of activity is causing some volatility to enter. The market has turned to look for new demand and the spreads suggest that not much is out there. Trading volumes have been less for the last couple of weeks. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions.

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