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WHEAT

General Comments: Wheat closed a little higher and KC closed a little lower last week as the USDA weekly export sales report showed only meager sales.  Better export sales are now anticipated due the move lower seen Monday in reaction to the USDA reports.  USDA released its Winter Wheat seedings report on Monday that showed increased planted are for SRW and reduced White Winter Wheat seedings.  HRW seedings were unchanged from a year ago.  Ending stocks were also increased for the US and the world, so the report was considered bearish.  Ending stocks estimates and the quarterly stocks estimates were on the high side of expectations.  Concerns on the condition of the Winter Wheat crops moving forward are growing as there is little snow cover and some very cold temperatures in the forecast that could create Winterkill.

Chart Analysis: Trends in Chicago are mixed.  Support is at 500, 494, and 488 March, with resistance at 528, 530, and 536 March.  Trends in Kansas City are mixed.  Support is at 508, 503, and 499 March, with resistance at 536, 540, and 545 March. Trends in Minneapolis are not available.

RICE

General Comments: Rice was  higher last week. The market might have finished a bottom formation on the daily and weekly charts.  USDA on Monday cut its production estimate for All Rice but left Long Grain production higher than last month.  Domestic demand was increased and exports were cut for all classes.  Ending stocks were reduced.  The average farm price was increased for all Rice but left unchanged for Long Grain.  Weaker world prices are expected by the FAO in the coming year.  Trends are turning up in the market.

Overnight News:

Chart Analysis: Trends are mixed to up.  Support is at 1002, 996, and 975 March and resistance is at 1079, 1092, and 1110 March.

CORN AND OATS

General Comments:  Corn was last week in response to the USDA reports.  USDA showed solid sales last week.  The USDA reports that were released on Monday.  USDA increased  production by raising harvested area and trimming yields  and increased ending stocks through the increased production and a smaller increase in demand.  The demand for export and for bio energy needs has held strong, but the export demand was cut back in the WASDE reports even as feed demand remained untouched.  Traders had expected a cut to the feed demand.  Trends are down.  Temperatures in the Midwest should average near to below normal.  Oats were slightly lower.

Chart Analysis:  Trends in Corn are down.  Support is at 417, 414, and 411 March, and resistance is at 446, 446, and 449 March.  Trends in Oats are mixed to down.  Support is at 284, 278, and 27\5 March, and resistance is at 317, 320, and 326 March.

COT — Supplemental Report – Option and Futures Combined Positions as of January 13, 2026

SOYBEANS

General Comments: Soybeans and Soybean Oil were higher last week, but Soybean Meal was lower.  The weekly export sales report showed very strong sales.  The USDA reports were bearish for Soybeans.  Production was increased as was domestic demand.  Export demand was cut back and ending stocks were increased.  Brazil production was increased.  It seems that the market is now more concerned about big supplies coming soon from South America with the Soybeans harvest there now underway.  US prices are currently too high to complete many new sales anywhere in the world market except Canada and Mexico.  Temperatures will average near to below normal in the Midwest.

Overnight News: Philippines bought 190,000 tons of US Soybean Meal.

Analysis:  Trends in Soybeans are mixed.  Support is at 1033, 1030, and 1018 March, and resistance is at 1071, 1082, and  1086 January.  Trends in Soybean Meal are mixed.  Support is at 286.00, 283.00, and 280.00 March, and resistance is at 307.00, 311.00, and 316.00 March.  Trends in Soybean Oil are up.  Support is at 5040, 4960, and 4900 March, with resistance at 5340, 5440, and 5500 March.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were higher last week and higher today on idea of increasing seasonal demand.  There are still ideas of increasing production.  Demand ideas are in a state of flux right now with some looking for weaker demand and other looking for improved demand. Canola was higher last week on strong demand ideas.  Canada and China reached agreement on a new trade deal which is expected to result in part in new sales of Canola to China  There are ideas of a big Soybeans harvest coming from South America.

Chart Analysis: Trends in Canola are mixed.  Support is at 616.00, 600.00, and 590.00 March, with resistance at 644.00, 650.00, and 656.00 March.  Trends in Palm Oil are mixed.  Support is at 3980, 3900, and 3840 April, with resistance at 4110, 4160, and 4200 April.

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