WHEAT
General Comments: Winter Wheat markets were lower on Friday, but still closed higher for the week, as the Winter Wheat harvest continues. Yield reports have generally been good. Trends are mixed on the daily charts for the Winter Wheat markets. Minneapolis Spring What closed much higher last week ad trends are up in this market. Dry weather is still forecast for Spring Wheat areas, but it will turn cooler. The dry and hot weather seen to date have produced very low crop condition ratings and conditions are not expected to improve much if at all this week. Winter Wheat yield reports are strong, so the supply will likely be good once the harvest is complete. There have been some rains in the region to keep the harvest pressure on the slow side but the quality seems good. However, the Spring Wheat situation is different and a short crop is increasingly likely.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 637, 632, and 628 September, with resistance at 676, 687, and 694 September. Trends in Kansas City are mixed. Support is at 611, 605, and 603 September, with resistance at 638, 655, and 662 September. Trends in Minneapolis are mixed to up with no objectives. Support is at 820, 796, and 780 September, and resistance is at 860, 864, and 870 September.

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RICE
General Comments: Rice closed lower as long liquidation and perhaps some new selling hit the market on Friday. It was a slow trading day but trends turned down on the daily charts. The plantings report showed more planted area than the industry had expected and is not generally believed in the cash market. The industry thinks that planted area is lower and perhaps much lower. The stocks report showed that there is still a lot of Rice out there and more than some in the trade had hoped for. Growing conditions have been mixed at best with many areas getting too much rain. Rice areas have generally been wet and northern areas have been cool. Louisiana and parts of Mississippi were saturated and are still reported to be wetter than desired for strong production and good quality. Some big storms are in the forecast for the rest of the week. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. However, it is still very wet in Arkansas and farmer progress has been limited for the last couple of weeks. Texas has been wet. World prices \were mostly a little lower last week.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are down with objectives of 1272 and 1204 September. Support is at 1296, 1287, and 1277 September, with resistance at 1331, 1340, and 1357 September.

CORN AND OATS
General Comments: Corn was lower on Friday but higher for the week in response to the USDA planted area and quarterly stocks estimates. Both reports were bullish for prices as producers planted less area to Corn than expected and as the quarterly stocks were less than expected. Futures gave back some of the gains as more moderate weather is expected in major growing areas. The forecasts are dry for the northwest and wet for central and eastern areas. It will not be as hot in the Great Plains and west4ern Midwest as it has been. Reports of damaging cold weather in Brazil also supported the market and many US places got too much rain and others not nearly enough in the last week. Temperatures got close to or just below freezing in parts of southern Brazil and on into Paraguay. There are ideas of losses to Corn in these areas, and some ideas are that the losses could be extensive in affected areas. Oats were higher. Canadian Oats areas look to be dry in the near term. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer.
Overnight News:
Chart Analysis: Trends in Corn are up with no objectives. Support is at 588, 579, and 570 September and on the daily charts, and resistance is at 614, 626, and 629 September. Trends in Oats are up with objectives of 410 September. Support is at 379, 367, and 358 September, and resistance is at 392, 401, and 403 September.

SOYBEANS
General Comments: Soybeans and the products closed firm on the weekly charts. The highs were made early in the day and then some long liquidation and perhaps new selling hit the pits, but futures were able to recover to close higher. Reports of big rains in much of the Midwest and forecasts for more rains in the coming week were negative, but some areas are now getting too much rain. Minnesota and northern Iowa and the Dakotas should get very little if any, rain. Forecasts call for cooler weather this week in the Midwest and northern Great Plains, but it should generally be dry. China has started with new US Soybeans purchases for Fall delivery. The longer-range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1471 August. Support is at 1396, 1381, and 1344 August, and resistance is at 1460, 1471, and 1481 August. Trends in Soybean Meal are up with objectives of 388.00 August. Support is at 375.00, 367.00, and 361.00 August, and resistance is at 387.00, 389.00, and 397.00 August. Trends in Soybean Oil are mixed to up with objectives of 6590 and 7090 August. Support is at 61220, 6140, and 6090 August, with resistance at 6560, 6590, and 6800 August.

CANOLA AND PALM OIL
General Comments: Palm Oil futures were higher Friday and higher for the week. Trends are up on both the daily and the weekly charts. The private surveyors showed more demand for last month in reports issued last week and ideas are that the stronger demand can continue as India has cut its import taxes. Canola closed higher on weather concerns and on tight current supplies. Some showers, but a lot of dry weather, is in the forecast for the Prairies this week and it remains generally dry. Demand has improved a little bit with the recently weaker prices. Soybean Oil was higher for the week on ideas of strong biofuels demand. The demand should hold as the government is not expected to issue refinery waivers from biofuels requirements at this time
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 812.00, 779.00, and 769.00 November, with resistance at 838.00, 844.00, and 850.00 November. Trends in Palm Oil are up with no objectives. Support is at 3700, 3680, and 3590 September, with resistance at 3880, 3930, and 4000 September.