WHEAT
General Comments: Winter Wheat markets were lower on showers and rains seen in Winter Wheat production areas, but Minneapolis Spring Wheat was higher as a freeze hit production areas late last week and on forecasts from NWS calling for a warmer and drier than normal summer growing season. Showers and rains were seen in parts of Western Texas and in Oklahoma and also in the northern Great Plains. Kansas and the Canadian Prairies got some beneficial rain, but it also froze in parts of the Dakotas and into Canada late last week. Scattered showers are in the forecast in western Texas and rains are possible into Kansas. These rains should be very beneficial for planting and initial growth, and more is in the forecast. Wheat remains a weather market, but the demand side has been weak. Demand remains disappointing but the production might not be there for better demand in the coming year. Corn prices are high so demand for feed wheat could increase.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to above 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 658, 639, and 636 July, with resistance at 680, 693, and 707 July. Trends in Kansas City are mixed. Support is at 606, 588, and 584 July, with resistance at 629, 643, and 650 July. Trends in Minneapolis are up with objectives of 765 July. Support is at 710, 705, and 695 July, and resistance is at 736, 748, and 758 July.

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RICE
General Comments: Rice prices were a little higher in slow trading on Friday and a little higher for the week, Old crop to new crop spreads were firm last week. Increased precipitation and warmer temperatures for US growing areas have kept the market under pressure in recent days. Rice areas have generally been wet. Louisiana and parts of Texas are saturated. Warm temperatures are finally spreading north into Arkansas and Missouri and the crop progress is improving. 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 mixed. Support is at 1311, 1309, and 1307 July, with resistance at 1338, 1347, and 1354 July.

CORN AND OATS
General Comments: Corn closed lower in correction trading while Oats closed higher. Corn was slightly lower for the week but Oats were higher. Talk persisted that China would take the vast majority of its Corn purchases for the old crop year. There was talk that Chinese state companies had purchased another 1.0 million tons of US old Crop Corn and that the companies remained active in buying new crop Corn as well. No additional business was confirmed by USDA last week. There had been rumors that China was going to cancel a large chunk of the old crop purchases, but Bloomberg said that the amount in question was less than 1.0 million tons and had been bought by the private industry for delivery to free trade ports. Improved weather forecasts and reports and higher acreage estimates have been the bearish factors in the market. Planting and emergence has been above average in all areas. Temperatures are expected to stay generally warm this week. There will be precipitation that will benefit crops. Overall planting and initial growth conditions should be fairly good over the next week. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer. There are problems with the production potential for the Safrinha crop in Brazil as growing areas have been warm and dry and look to stay that way longer term. Reports indicate that crops are being stressed due to the lack of rain. It is drier in central and parts of northern Brazil, but southern Safrinha areas got some timely and somewhat beneficial precipitation over the weekend.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 637, 633, and 629 July, and resistance is at 674, 684, and 703 July. Trends in Oats are up with objectives of 389 and 448 July. Support is at 368, 364, and 358 July, and resistance is at 380, 383, and 400 July.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower on Friday in consolidation trading and Soybean Meal was higher on spreading against Soybean Oil. Futures were lower in all three markets last week as most of the bullish news appears to be in the market. China should start with new US Soybeans purchases soon for Fall delivery. Some of the selling was in response to the improved Midwest and Great Plains weather that showed precipitation in many areas with more coming. The Dakotas and much of the Great Plains as well as much of the Midwest got beneficial rains. 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. The US does not have a lot of Soybeans in the country anymore as most producers have already sold. Buyers are scrambling for what is left. Brazil is rapidly exporting Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1489, 1470, and 1440 July, and resistance is at 1538, 1557, and 1563 July. Trends in Soybean Meal are mixed to down with objectives of 368.00 and 356.00 July. Support is at 378.00, 372.00, and 369.00 July, and resistance is at 396.00, 400.00, and 408.00 July. Trends in Soybean Oil are mixed. Support is at 6420, 6300, and 5970 July, with resistance at 6740, 6790, and 7050 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher along with the price action in competing vegetable oils. Prices have moved a little lower this week. There is new talk of supply disruptions due to the Coronavirus outbreak. The private sources showed that export demand is mixed from last month, but 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. Ideas of tight supplies are still around but supplies are expected to increase in the short term. Canola was higher along with price action in Chicago and despite improved growing and planting conditions. July is lower today, but new crop months are higher. Some showers were seen in all areas late last week and there is the potential for more rains this week. Demand is thought to be OK with crush margins favoring a lot of production of vegetable oils to feed the demand but less exports. The demand for biofuels is about to increase and is one reason to see much stronger Soybean Oil and Canola prices.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 857.00, 837.00, and 828.00 July, with resistance at 907.00, 914.00, and 920.00 July. Trends in Palm Oil are mixed to down with objectives of 3700 and 3300 August. Support is at 3870, 3780, and 3700 August, with resistance at 4010, 4080, and 4200 August.