WHEAT
General Comments: Wheat was higher in all three markets on fund short covering and as there has been some positive demand news amid production problems in Russia and Europe. The weekly export sales report was good and there were a lot of sales into North Africa last week from Russia and Europe. 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 and Germany 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 mixed. Support is at 526, 520, and 514 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are mixed. Support is at 546, 540, and 534 September, with resistance at 590, 601, and 618 September. Trends in Minneapolis are mixed. Support is at 600, 586, and 574 September, and resistance is at 628, 636, and 646 September.

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RICE
General Comments: Rice closed higher yesterday on speculative buying from oversold conditions. Futures continued to reflect mostly good growing conditions and increased planted area. Hurricane Beryl has brought beneficial rains to Arkansas and other parts of the Delta but damaged crops in Texas. 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. However, prices appear oversold right now and a rally is possible at any time.
Overnight News:
Chart Analysis: Trends are down with objectives of 1382 September. Support is at 1412, 1400, and 1388 September and resistance is at 1486, 1489, and 1502 September

CORN AND OATS
General Comments: Corn and Oats closed higher yesterday on what appeared to be speculative short covering. The weekly export sales report showed moderate sales. Selling was based based on ideas that futures reflected big yield potential amid good growing conditions seen in the Midwest. Current forecasts call for cooler and drier weather for the Midwest this week but hot weather could return next week. 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. Corn did not move to new lows last week and it is possible that the current down trend is near its end.
Overnight News: Unknown destinations bought 200,000 tons of US Corn,.
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 327, 321, and 311 September, and resistance is at 350, 364, and 383 September

SOYBEAN
General Comments: Soybeans and the products closed higher yesterday on apparent speculative short covering. Demand news was strong for both Soybeans and Soybean Meal last week with big sales announced on the daily system. The weekly export sales report showed new sales to China and this was positive as well. There was more beneficial precipitation in much of the Midwest over the last week. This week should be dry and temperatures should turn warmer amid dry weather next week. Some selling came from reduced demand ideas. Reports indicate that China remains an active buyer of Soybeans in Brazil. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1096, 1068, and 1056 August, and resistance is at 1130, 1151, and 1170 August. Trends in Soybean Meal are mixed. Support is at 338.00, 331.00, and 329.00 August, and resistance is at 344.00, 351.00, and 355.00 August. Trends in Soybean Oil are up with objectives of 4660 and 4890 August. Support is at 3910, 3840, and 3790 August, with resistance at 3960, 4000, and 6050 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower today with ideas of expanding world oilseeds production. 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 higher last week and trends started to turn up on the weekly charts as oilseed supplies look to be ample in the coming year and as demand ideas are down. The weather has called for dry conditions in the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 702.00 November. Support is at 636.00, 627.00, and 618.00 November, with resistance at 674.00, 680.00, and 686.00 November. Trends in Palm Oil are mixed. Support is at 3820, 3790, and 3770 October, with resistance at 4040, 4100, and 4140 October.

Midwest Weather Forecast Mostly dry early, scattered showers late. Temperatures should average near to below normal.

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