Grains Report - Tuesday, June 30

General Comments: Winter Wheat markets were higher with Winter Wheat markets especially strong. It looked to be a short-covering rally and there are some ideas that Winter Wheat market have made a seasonal bottom. Yield reports from the Great Plains have been variable, but generally a little better than expected. Spring Wheat was higher in sympathy with the price action in Chicago and despite ideas of good growing conditions and high crop ratings. Those ratings dropped this week in the weekly crop updates from USDA but are still very high. The Winter Wheat markets hold to bearish trends on the weekly charts. Spring Wheat markets show downtrends as good conditions are also reported in much of Canada. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. Better rains are reported in Europe and Russia. Russia could turn hot and dry starting this week but soil moisture is good for now. Australia remains in good condition. Prices usually move lower and remain down through the harvest.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 481, 471, and 465 September, with resistance at 493, 497, and 503 September. Trends in Kansas City are mixed. Support is at 434, 424, and 418 September, with resistance at 439, 446, and 454 September. Trends in Minneapolis are down with objectives of 506 and 488 September. Support is at 506, 500, and 498 September, and resistance is at 513, 516, and 522 September.

General Comments: Rice was mostly a little lower. The new crop continues to show progress under mostly good conditions. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short old crop Rice. This appears to be factored into the price as there are ideas that the mills are well covered into new crop, but little Rice is available from producers. The crops that got planted are in very good condition in the south and near the Gulf Coast but planting was more problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain got planted and producers did not plant medium grain if some prevent planting was needed.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to up with objectives of 1293 and 1363 September. Support is at 1227, 1216, and 1203 September, with resistance at 1241, 1246, and 1266 September.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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