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WHEAT

General Comments: Wheat closed higher yesterday on speculative short covering on continued reports of big world production and weaker demand.  Demand ideas are under pressure from ideas and reports of big competition for sales.  The threat for additional bombings of freighters by either Russia or Ukraine kept futures supported to some extent.  World prices were weaker last week due to reports of strong production in exporter countries and mostly the countries in the global south.  Production has been good in northern hemisphere countries.  Southern hemisphere crops appear to be very good.  Demand has been weaker for various origins including Russia.

Chart Analysis: Trends in Chicago are mixed.  Support is at 500, 494, and 488 March, with resistance at 518, 525, and 530 March.  Trends in Kansas City are mixed.  Support is at 508, 503, and 499 March, with resistance at 536, 540, and 550 March. Trends in Minneapolis are not available.

RICE

General Comments: Rice was higher yesterday on what was called speculative short covering. Ideas are that the market is too cheap and that farmers have sold what they need to for now.  The recent selling appears tied to the weaker prices in Asia and especially India.  Trends are turning down in the market.  The harvest is over in the delta and Mid South.  California is about done with its harvest.  Yields and quality are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.

Chart Analysis: Trends are mixed.  Support is at 964, 958, and 925 March and resistance is at 1028, 1051, and 1056 March.

CORN AND OATS

General Comments:  Corn was higher on speculative buying yesterday.  The demand for export and for bio energy needs has held strong.  Trends are mixed.  There have been ideas that traders expect weaker demand news from now on but demand overall has been very strong and above USDA projections until now.  Ideas are that export demand is less now due to increased competition in the world market and ethanol demand is less as well.  Reports indicate that many elevators are holding less Corn than expected.  Temperatures should average above normal this week.  Oats were lower.

Chart Analysis:  Trends in Corn are mixed.  Support is at 435, 432, and 430 March, and resistance is at 453, 457, and 460 March.  Trends in Oats are mixed to up.  Support is at 284, 278, and 27\5 March, and resistance is at 312, 317, and 320 March.

SOYBEANS

General Comments: Soybeans and the products were higher on speculative short covering yesterday.  \It seems that the market is now more concerned about big supplies coming soon from South America with the Soybeans harvest there just weeks away.  The Trump administration says that China is on pace to buy the 12 million tons of US Soybeans it announced a few weeks ago by the end of February, and China has already bought a lot to reach that goal.  US prices are currently too high to complete many new sales anywhere in the world market except Canada and Mexico.  Temperatures will average above normal in the Midwest this week.

Overnight News: China bought 336,000 tons of US Soybeans.

Analysis:  Trends in Soybeans are down.  Support is at 1041, 1033, and 1030 March, and resistance is at 1071, 1082, and  1086 January.  Trends in Soybean Meal are mixed to down.  Support is at 295.00, 292.00, and 286.00 March, and resistance is at 301.00, 304.00, and 307.00 March.  Trends in Soybean Oil are mixed.  Support is at 4840, 4810, and 4750 March, with resistance at 4970, 5030, and 5120 March

PALM OIL AND CANOLA

General Comments: Palm Oil futures were lower today.  There are still ideas of increasing supplies available to the market along with weaker demand.  There are still ideas of increasing production.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and some concerns about demand Canola was higher.  There are ideas of a big Soybeans harvest coming from South America.

Chart Analysis: Trends in Canola are mixed.  Support is at 600.00, 590.00, and 584.00 March, with resistance at 616.00, 626.00, and 635.00 March.  Trends in Palm Oil are mixed.  Support is at 3880, 3820, and 3760 March, with resistance at 4130, 4160, and 4200 March.

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