WHEAT
General Comments: Wheat markets were mixed, with Kansas City higher, Minneapolis mixed, and Chicago lower. Uncertain world weather and Russia’s political problems that exploded over the weekend were reasons to see the uncertain price action yesterday, and the uncertainty could continue today. The attempted coup ended as quickly as it began in Russia this weekend, but outside observers now say that the country is much less stable. Russian Wheat exports are continuing as if nothing happened so far, but that could change down the road too.. Rains are reported from the southern Great Plains to the Southeast, but the Midwest has for the most part missed any rain chances and the forecast looks dry for the next week or two. The weather is still in focus around the world. Canada has been dry. Dry conditions are a problem in Russia, and especially in the Spring Wheat areas there. Australian production ideas have been fading as El Nino hits the country.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 719, 699, and 680 July, with resistance at 753, 757, and 761 July. Trends in Kansas City are mixed. Support is at 851, 840, and 829 July, with resistance at 888, 891, and 903 July. Trends in Minneapolis are mixed. Support is at 851, 838, and 829 July, and resistance is at 882, 902, and 912 July.

Image Source: Unsplash

RICE
General Comments: Rice closed a little higher in new crop months again yesterday in consolidation trading. July closed higher as it recovers from the selling seen a week ago. Growing conditions are good for the new crop despite very hot conditions in southern growing areas and the overall new crop price strength has not been good so far. The weather is still good for crop development. Export demand has been uneven. Mills are milling for the domestic market in Arkansas and are bidding for some Rice, but at least some mills say they now have enough bought to last until the harvest of the next crop.
Overnight News: The Delta should get a few showers. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1777, 1754, and 1713 July and resistance is at 1832, 1842, and 1871 July.

CORN AND OATS
General Comments: Corn closed mixed to a little higher and Oats were higher yesterday as Corn traders reacted to forecasts for some rains later this week after rains in northern areas over the weekend. These ideas were offset by the poor demand profile for Corn. Demand for US Corn in the world market has been very low. Reports of dry initial development conditions were important. Ideas are that the top end of the yield potential is lost but that no serious damage has been done yet. Corn is rolling leaves in central and southern Midwest areas but could be in better condition to the north where there have been a few showers. Corn is still finding some support from little US producer selling interest. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are getting cheaper and Brazil is getting the business.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 621, 617, and 609 July, and resistance is at 663, 675, and 677 July. Trends in Oats are mixed. Support is at 380, 373, and 367 July, and resistance is at 409, 412, and 418 July.

SOYBEANS
General Comments: Soybeans and the products closed higher yesterday as reports of strong domestic demand against limited offers continued. Growing conditions feature cool but very dry weather in most parts of the Corn Belt. Some precipitation was reported in areas north of Interstate 80 over the weekend and more precipitation is in the forecast for late this week or this weekend. Central and southern Midwest areas got very little if any moisture over the weekend.. Ideas are that the top end of the yield potential is gone but severe damage has not been reported yet. Reports indicate that bio fuels demand for Soybean Oil is very strong despite the moves in Washington to keep bio fuels demand at more moderate levels and is pushing domestic demand for Soybeans. Brazil basis levels are still low and the US is being shut out of the market for most importers. Brazil is still selling a lot of Soybeans to China and other countries. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina. Argentina has been forced to import from Brazil to keeps its crushing facilities operating.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1525, 1535, and 1557 July. Support is at 1501, 1469, and 1460 July, and resistance is at 1525, 1541, and 1546 July. Trends in Soybean Meal are mixed. Support is at 409.00, 407.00, and 404.00 July, and resistance is at 425.00, 430.00, and 442.00 July. Trends in Soybean Oil are mixed. Support is at 5800, 5590, and 5490 July, with resistance at 6020, 6060, and 6180 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower on ideas of reduced demand caused be concern that the EU anti deforestation program could hurt Plalm Oil. The export reports from the private sources have not been strong for several weeks and AmSpec said yesterday that exports so far this month are behind those of a month ago. Ideas are that demand is generally weak, with China struggling to open its economy and India looking to Sun oil for imports at the expense of other vegetable oils. Canola was higher along with the price action in Chicago and on drier weather forecasts for the Prairies. Trends are mixed on the daily charts. Reports indicate that domestic demand has been strong due to favorable crush margins, but export demand is questioned, especially since the release of the weaker than expected Chinese economic data last week. Scattered showers and rains have been reported so planting and initial growth conditions are good.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 721.00, 713.00, and 701.00 July, with resistance at 763.00, 770.00, and 787.00 July. Trends in Palm Oil are mixed. Support is at 3510, 3430, and 3390 September, with resistance at 3720, 3800, and 3870 September.

Midwest Weather Forecast: Mostly dry conditions. Temperatures should average near to below normal.

More By This Author:

Softs Report - Monday, June 26
Grains Report - Friday, June 23
Softs Report - Wednesday, June 21