WHEAT
General Comments: Wheat markets were lower with Minneapolis Spring futures down sharply as rain continued up in Canada and the northern Great Plains. Spring Wheat areas of the US and Canada got some showers and storms, but mostly in Canada. More showers and storms are in the forecast, but once again mostly for Canada. North Dakota is looking mostly dry and model runs from yesterday have taken some of the precipitation for the next week out of the state. Showers and rains were seen in parts of Western Texas and in Oklahoma. Drier weather is preferred for harvesting. Some rains would be very beneficial for planting and initial growth of the Spring Wheat and these are falling in some areas.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 635 and 600 July. Support is at 657, 654, and 612 July, with resistance at 673, 689, and 702 July. Trends in Kansas City are mixed. Support is at 619, 617, and 613 July, with resistance at 637, 647, and 654 July. Trends in Minneapolis are mixed to down with objectives of 713 and 648 July. Support is at 737, 730, and 710 July, and resistance is at 760, 790, and 793 July.

RICE
General Comments: Rice prices were lower again yesterday in good volume trading on demand and weather concerns. It looked like speculators were the best sellers. Moderate precipitation and warmer temperatures are forecast for southern US growing areas. Rice areas have generally been wet and northern areas have been cool, but bett4er conditions are expected this week. Louisiana and parts of Texas are saturated but crops are rated in good condition overall. 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 and Louisiana are almost out of Rice, but there is Rice available in the other states, especially Arkansas. Milling interest in Rice is said to be slow.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are down with no objectives. Support is at 1248, 1236, and 1224 July, with resistance at 1280, 1311, and 1326 July.

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CORN AND OATS
General Comments: Corn was sharply lower yesterday as forecasts for the Midwest remained generally hot and dry for northern areas, but rainy to the southern Midwest. The northern areas could see cooler temperatures and some rains in about a week. Canadian Oats areas look to get some very beneficial rains in the near term. Some rains were reported in Oats areas last week and these showers and storms spilled into the Dakotas and Nebraska and into western Iowa. Hot and dry conditions continue in central and northern Brazil. 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 mixed to down with objectives of 607, 570, and 541 July. Support is at 653, 632, and 629 July, and resistance is at 678, 686, and 697 July. Trends in Oats are down with objectives of 365 July. Support is at 364, 358, and 354 July, and resistance is at 378, 387, and 392 July.

SOYBEANS
General Comments: Soybeans and both products were sharply lower as weather concerns returned to the forefront. It rained on Friday in the Great Plains from Nebraska to North Dakota and on into Canada. Forecasts call for warm and dry weather this week in the northern Midwest and northern Great Plains but showers are in the forecast for much of this week in central and southern areas. Northern areas should get some showers and storms and cooler temperatures in about a week. China should start with new US Soybeans purchases soon for Fall delivery and reports indicate they are now asking for offers. The longer-range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US. There is still crush demand and a little export demand even though the demand is less now than before.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1440 and 1398 July. Support is at 1440, 1423, and 1389 July, and resistance is at 1489, 1525, and 1545 July. Trends in Soybean Meal are down with objectives of 368.00 and 366.00 July. Support is at 372.00, 369.00, and 367.00 July, and resistance is at 384.00, 386.00, and 391.00 July. Trends in Soybean Oil are down with objectives of 5790 July. Support is at 6350, 6200, and 5820 July, with resistance at 6700, 6880, and 7050 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was sharply lower last week on reports from MPOB of increasing production and stocks levels. Futures were higher today on stronger Chicago Soybean Oil futures. The private surveyors showed less demand so far this month. There were reports that Indonesia was about to cut its Palm Oil export duty. Demand has been less so far this month and the market fears the loss of Indian demand due to the big Coronavirus outbreak in India that could cut demand. However, prices are very high in India, and imports are needed. Canola closed lower on weather concerns. The weather is improving in the Prairies with rains and more in the forecast into next week.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 813.00 July. Support is at 836.00, 828.00, and 808.00 July, with resistance at 879.00, 890.00, and 918.00 July. Trends in Palm Oil are down with objectives of 3030 August. Support is at 3300, 3270, and 3220 August, with resistance at 3550, 3620, and 3700 August.