WHEAT
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.

RICE
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.

CORN AND OATS
General Comments: Corn was higher on fund buying that was tied to short-covering before the end of the month and the end of the quarter. The weather was in the background but is generally considered good for the crops. Futures markets have had hot and dry weather in much of the Midwest last week to support prices, but there was some rain in most areas over the weekend and more yesterday. There have also been problems with demand. Meats processors are back and are operating at about 95% of capacity. The backlog of Cattle and Hogs will slowly disappear under this scenario and meats wholesale and retail prices are falling. Ethanol demand is also improving as lockdown orders are lifted in most states and in Europe. Some states are starting to pull back from opening up as the Coronavirus cases have greatly increased and a new pandemic or a continuation of the old one is feared. Demand for gasoline and ethanol has gotten a little stronger and should continue to improve over time.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 323, 316, and 315 September, and resistance is at 330, 333, and 338 September. Trends in Oats are mixed to up with objectives of 308 September. Support is at 291, 286, and 283 September, and resistance is at 301, 304, and 307 September.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were lower for the first part of the session on a lack of Chinese demand and ideas of improved growing conditions in the US Midwest. They rallied to close a little higher due to the strength in Wheat and Corn. China has become a much more active buyer of Soybeans here in the US and has promised to ramp up purchases in order to comply with commitments it made under the Phase One trade deal. China has remained a very active buyer in South America even as it has increased Soybeans buying here in the US, so the overall amount taken from the US might not match the hopes of the trade. Brazil prices have been creeping higher for the rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US and Argentina for additional supplies. The US weather is considered good for growing Soybeans at this time with rains seen over the weekend and more again yesterday. USDA showed very good crop conditions again this week in its weekly update.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 847 and 837 August. Support is at 853, 848, and 837 August, and resistance is at 869, 872, and 880 August. Trends in Soybean Meal are down with objectives of 281.00 and 274.00 August. Support is at 282.00, 279.00, and 276.00 August, and resistance is at 288.00, 290.00, and 292.00 August. Trends in Soybean Oil are mixed. Support is at 2710, 2680, and 2650 August, with resistance at 2810, 2850, and 2890 August.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower despite strong export data from AmSpec. Higher world petroleum prices helped with ideas of increased bio fuels demand Palm Oil has been hoping for better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Canola was higher. Canola was higher on a weaker Canadian Dollar The planted area estimates were above trade expectations but below the previous year. The weather has been warmer the past couple of weeks after weeks of cold and wet weather.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 471.00, 468.00, and 465.00 November, with resistance at 476.00, 479.00, and 480.00 November. Trends in Palm Oil are mixed to down with objectives of 2290 September. Support is at 2310, 2290, and 2260 September, with resistance at 2390, 2430, and 2470 September.