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WHEAT
General Comments: Wheat was lower in all three markets yesterday with follow through selling seen due to increased Winter Wheat production estimates from USDA. The production data helped push ending stocks estimates above trade expectations. The failed assassination attempt on Mr. Trump created ideas that his election was much more likely, and this helped boost the stock markets but hurt agricultural goods as Trump is likely to greatly increase tariffs to cut income taxes. That hurt demand ideas for US agricultural goods. US harvest progress and ideas of good yields and crops went against reports of hot and dry weather in eastern Europe and Russia and too wet weather in France are still heard and the weather there affecting world production estimates. There were more reports of hot temperatures coming this week to Russian growing areas. It has also been very dry there. Eastern Europe is also hot and dry. Western Europe has seen too much rain.
Overnight News:
Chart Analysis: Trends in Chicago are down with objectives of 525 and 489 September. Support is at 526, 520, and 514 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are down with objectives of 535 and 507 September. Support is at 546, 540, and 534 September, with resistance at 564, 590, and 601 September. Trends in Minneapolis are down with objectives of 575 and 541 September. Support is at 578, 572, and 566 September, and resistance is at 598, 603, and 61-0 September.

RICE
General Comments: Rice closed a little higher in the new crop months as the market showed the potential to recover from recent losses. The situation calls for a short term short covering rally after prices got beat up lower over the previous few weeks. Hurricane Beryl has brought beneficial rains to Arkansas and other parts of the Delta. The US weather has been an issue much of the growing season with too much rain early in the year. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall.
Overnight News:
Chart Analysis Trends are mixed. Support is at 1451, 1441, and 1428 September and resistance is at 1498, 1611, and 1518 September

CORN AND OATS
General Comments: Corn closed lower and near recent lows yesterday and Oats closed lower. Hurricane Beryl brought beneficial precipitation to the southern and eastern Midwest. Current forecasts call for hotter and drier weather for the Midwest this week. Weakness was based on hopes for improved crop condition ratings that were released on Monday afternoon. The US weather features moderate temperatures and increasing chances for rains. Northern areas such as southern Minnesota that have had way too much rain and flooding is still reported. Some selling came from reduced demand ideas. The failed assassination attempt on Mr Trump created ideas that his election was much more likely, and this helped boost the stock markets but hurt agricultural goods as Trump is likely to greatly increase tariffs to cut income taxes. That hurt demand ideas for US agricultural goods.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 388, 385, and 382 September, and resistance is at 403, 412, and 426 September. Trends in Oats are mixed. Support is at 301, 296, and 290 September, and resistance is at 324, 327, and 331 September

SOYBEAN
General Comments: Soybeans and the products closed lower yesterday as the weather improved and demand did not. There was more beneficial precipitation in much of the Midwest over the weekend. The NOPA crush report showed less than expected demand at 177 million bushels for June. Some selling came from reduced demand ideas. The failed assassination attempt on Mr Trump created ideas that his election was much more likely, and this helped boost the stock markets but hurt agricultural goods as Trump is likely to greatly increase tariffs to cut income taxes. That hurt demand ideas for US agricultural goods. Reports indicate that China remains an active buyer of Soybeans in Brazil but has cut back and increased purchases from the US on demand due to the tax issues in Brazil and on Brazil logistical concerns. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil. Oil demand has suffered as cheaper alternatives for feedstocks hit the biofuels market.
Overnight News:
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1068, 1056, and 1044 August, and resistance is at 1102, 1130, and 1151 August. Trends in Soybean Meal are down with objectives of 318.00 August. Support is at 331.00, 329.00, and 326.00 August, and resistance is at 339.00, 344.00, and 351.00 August. Trends in Soybean Oil are up with objectives of 4660 and 4890 August. Support is at 4510, 4440, and 4390 August, with resistance at 5030, 5090, and 6050 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on apparent short covering and new speculative buying even with ideas of increasing supplies. Reports indicate that production is rising as well. Export demand has been very strong in recent private reports but has been weaker in recent days. There is talk of increased supplies available to the market, and the trends are down on the daily charts. Canola was lower yesterday as oilseed supplies look to be ample in the coming year and as demand ideas are down. The daily charts show that Canola trends are down.
Overnight News:
Chart Analysis: Trends in Canola are down with no objectives. Support is at 605.00, 599.00, and 591.00 November, with resistance at 615.00, 632.00, and 638.00 November. Trends in Palm Oil are mixed. Support is at 3830, 3790, and 3770 October, with resistance at 3910, 3960, and 2890 October.

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