WHEAT
General Comments: Winter Wheat markets were lower yesterday as beneficial rains fell in growing areas over the weekend. Yield reports are strong, so the supply will likely be good once the harvest is complete. Minneapolis closed higher on less than expected rains in growing areas over the weekend. More rain is possible later this week, but Spring Wheat areas could get shortchanged again. Chart trends turned back down in the Winter Wheat markets but are more mixed in Minneapolis. Its harvest time for Winter Wheat. Yield reports have generally been good. Spring Wheat areas of the US and Canada got some showers and storms, but mostly in Canada. A few more showers are in the forecast, but once again mostly for Canada. It will be cold in Canada as well. North Dakota is looking mostly dry. Showers and rains were seen in parts of Western Texas and in Oklahoma. Drier weather is preferred for harvesting.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will be above normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 649, 640, and 638 July, with resistance at 673, 676, and 689 July. Trends in Kansas City are mixed. Support is at 588, 586, and 584 July, with resistance at 616, 621, and 632 July. Trends in Minneapolis are mixed. Support is at 739, 730, and 710 July, and resistance is at 780, 784, and 805 July.

RICE
General Comments: Rice prices were higher again yesterday on follow-through buying. Commercials were said to be good buyers of futures but are not active in the cash market. Mostly dry conditions and warmer temperatures are currently forecast for southern US growing areas, but Louisiana could get a tropical storm moving through this weekend. Rice areas have generally been wet and northern areas have been cool, but better conditions are appearing this week. Louisiana and parts of Texas were saturated but it is drier now and 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 mixed. Support is at 1258, 1242, and 1229 July, with resistance at 1280, 1311, and 1326 July.

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CORN AND OATS
General Comments: Corn was higher in July as the export inspections report was strong but lower in new crop months after some beneficial rains feel over the weekend in the Midwest and as forecasts for the Midwest called for more rains late in the week. The northern areas could see cooler temperatures and some rains in the next week after rains fell mostly in central and southern areas over the weekend. 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. Support is at 629, 603, and 588 July, and resistance is at 668, 678, and 688 July. Trends in Oats are mixed to down with objectives of 352 and 338 July. Support is at 358, 356, and 354 July, and resistance is at 370, 379, and 387 July.

SOYBEANS
General Comments: Soybeans and the products closed on a firm note yesterday. Rains were reported in the Midwest, but mostly in central and southern areas. Northern areas got a little rain. Forecasts call for cooler weather this week in the Midwest and northern Great Plains but showers are in the forecast for later this week. 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 mixed to down with no objectives. Support is at 1375, 1370, and 1355 July, and resistance is at 1423, 1448, and 1460 July. Trends in Soybean Meal are mixed. Support is at 366.00, 363.00, and 360.00 July, and resistance is at 378.00, 382.00, and 387.00 July. Trends in Soybean Oil are mixed to down with no objectives. Support is at 5550, 5450, and 5350 July, with resistance at 6040, 6220, and 6310 July.

CANOLA AND PALM OIL
General Comments: Palm Oil futures were lower today on word that the Indonesian government was considering reducing its export taxes. Part of the weakness was on ideas of weaker demand and potentially stronger production. Demand has been mixed 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 again. Some showers, but a lot of dry weather, is in the forecast for the Prairies this week and it remains generally dry. Demand has backed off with the collapse in world vegetable oils prices.
Overnight News:
Chart Analysis: Trends in Canola are down with no objectives. Support is at 719.00, 685.00, and 677.00 July, with resistance at 759.00, 773.00, and 816.00 July. Trends in Palm Oil are mixed. Support is at 3250, 3230, and 3200 September, with resistance at 3550, 3590, and 3750 September.