Grains Report - Tuesday, July 14

WHEAT
General Comments: Winter Wheat markets were lower in sympathy with the weakness in Corn and Soybeans, The US Winter Wheat harvest is moving forward and yield reports are still better than expected. Spring Wheat is developing well. Russian and French crops are still suffering stress and Russian yield reports have been disappointing to farmers there. The Winter Wheat markets hold to bearish trends on the weekly charts. Spring Wheat markets show down trends as good conditions are also reported in much of Canada. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. Australia remains in good condition.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed to up with no objectives. Support is at 521, 506, and 501 September, with resistance at 539, 545, and 555 September. Trends in Kansas City are mixed. Support is at 443, 440, and 432 September, with resistance at 464, 468, and 473 September. Trends in Minneapolis are mixed. Support is at 515, 510, and 506 September, and resistance is at 531, 538, and 540 September.

RICE
General Comments: Rice was a little higher in consolidation trading. New crop prospects appear solid for increased production in the coming year. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short old crop Rice. There are ideas that the mills are well covered into new crop, but little Rice is available from producers. The crops that got planted are in very good condition in the south and near the Gulf Coast but planting was more problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain got planted and producers did not plant medium grain if some prevent planting was needed. USDA increased domestic demand but cut export demand in its estimates on Friday. World ending stocks estimates were increased with most of the increase in importer countries.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are down with no objectives. Support is at 1183, 1180, and 1166 September, with resistance at 1207, 1213, and 1219 September.

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