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Wheat:

General Comments: Wheat markets were lower again yesterday on what appeared to be more fund-related and speculator-related selling as the Winter Wheat harvest is expanding through the Great Plains and Midwest. Demand has been less than expected this year and US Wheat prices are above those in other origins in the world market. Trends are down in all three markets. Futures should form a harvest low earlier in the harvest due to the small crop size. Yield reports have been weakening in Kansas despite recent rains that have helped kernel size and test weight. The US western Great Plains got some rainfall and the rains fell in some of the areas most in need of some precipitation. Hot and dry weather is back for this week to southern areas while northern areas have more moderate weather. It is turning warmer and drier farther north to give hope to Spring Wheat farmers that they can plant crops.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should average near to below normal. Northern areas should see isolated showers. Temperatures will average near to below normal. The Canadian Prairies should see isolated to scattered showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are down with objectives of 868 July. Support is at 880, 863, and 851 July, with resistance at 982, 1027, and 1044 July. Trends in Kansas City are down with no objectives. Support is at 966, 954, and 920 July, with resistance at 1003, 10966, and 1173 July. Trends in Minneapolis are down with no objectives. Support is at 1018, 1010, and 958 July, and resistance is at 1096, 11315, and 1130 July.
 

Rice:

General Comments: Rice was a little higher and held inside the recent trading range. More sideways trade is expected this week before the release in Thursday of the planted acreage reports from USDA. The speculators have been the best sellers lately even with perceived bullish fundamental news. Ideas are that the good export sales reported last week were just a bump and reports indicate that domestic demand is a little soft, too. Growing conditions are said to be deteriorating due to hot and dry weather in Texas expanding to include Arkansas. There are still ideas of less production of US Rice this year. The emergence remains behind and acreage estimates are still down for the next crop. Some traders note that it will be difficult to move Rice at current price levels and they are worried about domestic and export demand moving forward.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1582, 1580, and 1532 July. Support is at 1594, 1591, and 1580 July and resistance is at 1641, 1661, and 1672 July.
 

Corn And Oats:

General Comments: Corn closed lower yesterday on outlooks for less hot and still dry weather for the current week and on-demand concerns. Some selling came on reports of good rains in parts of the Corn Belt over the weekend. Corn has emerged under what is considered good conditions but it has been hot in the Midwest. More moderate temperatures are forecast for the rest of the week and the weekend. This will be good for a while but continued hot and dry weather could hurt yields down the road. Stress could start to develop if the hot and dry weather returns. The weather was variable last week with periods of rain and cool temperatures and then warm and dry conditions and dry weather along with moderate temperatures is expected this week. Many think the top end of the yield has been taken off the Corn crop due to the delayed planting but others look at the crop condition rating and expect improved yields. Traders expect increased planted area for Corn due to stronger prices at planting time this year.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down with objectives of 715 July. Support is at 735, 7231, and 726 July, and resistance is at 755, 771, and 778 July. Trends in Oats are mixed Support is at 608, 589, and 586 July, and resistance is at 633, 651, and 655 July.
 

Soybeans

General Comments: Soybeans and the products were higher as warm and dry weather invades the US and as demand concerns helped the markets. Soybean Meal trends turned up with the rally yesterday, but trends in the other two markets are sideways to down. It will be less hot but still dry for the rest of the week and the weekend. US cash market is still running low on Soybeans but there are still renewed Chinese lockdowns. There is less Chinese demand for Soy products due to the lockdowns there and China is starting to ease the lockdowns now as Covid cases have dropped in number. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America. They are buying for this year and already have booked a large number of new crop Soybeans to cover future needs. Most of the current buying is for next year.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with no objectives. Support is at 1620, 1583, and 15778 July, and resistance is at 1645, 1666, and 1682 July. Trends in Soybean Meal are up with objectives of 454.00 and 473.00 July. Support is at 440.00, 434.00, and 428.00 July, and resistance is at 450.00 461.00, and 468.00 July. Trends in Soybean Oil are mixed to down with no objectives. Support is at 7000, 6700, and 6610 July, with resistance at 7200, 7360, and 7440 July.
 

Canola And Palm Oil

General Comments: Palm Oil closed the week sharply lower although the market did trade sideways in the last half of the week. Futures were higher today on new commercial buying and some speculative buying. Export reports from the private sources are showing the weaker demand this month. The Indonesian government is now imposing a revised tax scheme on exporters to increase export sales and is allowing more export permits to be issued. Some analysts think Palm Oil is topping out anyway due to reduced demand ideas. Hopes for better demand from India keep the market supported, but Chinese demand could be less. A new Covid outbreak is reported in China and cities and infrastructure has been shut down, including some airports and water ports. The economy could slow down and affect demand. Production from Malaysia is expected to increase as well as the Covid lockdowns finally go away and as the weather is good for production. Canola was a little higher yesterday along with other vegetable oils markets. It looked like some bottom picking was going on after the dramatic price action lower from last week. Ideas of poor demand have hit this market as well as the others. The crops are going into the ground and the growing conditions are much improved. It is reported to be very dry and has been cold for planting but better planting weather is coming now as it is now much warmer. The crops should be improved this year after very poor production last year.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 850.00, 843.00, and 840.00 July, with resistance at 922.00, 948.00, and 959.00 July. Trends in Palm Oil are mixed. Support is at 4500, 4460, and 4400 September, with resistance at 4950, 4980, and 5030 September.