WHEAT
General Comments: Wheat markets closed higher last week. There are still reports that cold weather had created frosts in Ukraine and Russia and reports of dry weather in the EU and China. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry and cold. Some rain was seen in the northern Great Plains last week. Temperatures should be warmer in most growing areas this week. Chart trends are mixed. The export sales report showed strong demand for new crop Wheat. Enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still around. It is hot and dry in important parts of the EU and China. Overall demand for world Wheat has been weak.
Chart Analysis: Trends in Chicago are up Support is at 539, 529 and 506 July, with resistance at 561, 569, and 571 July. Trends in Kansas City are mixed to up. Support is at 514, 500, and 494 July, with resistance at 548, 557, and 563 July. Trends in Minneapolis are up. Support is at 597, 590, and 582 July, and resistance is at 611, 617, and 621 July.

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RICE
General Comments: Rice closed higher and began to turn chart trends up on the weekly charts. The trends are still turning up on the daily charts as well in this market. The cash market has been slow with mostly quiet domestic markets and average export demand. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is planted in most growing areas now. Condition has been rated as good so far by private sources and USDA.
Chart Analysis: Trends are mixed to up. Support is at 1282, 1261, and 1228 July and resistance is at 1337, 1346, and 1369 July.

CORN AND OATS
General Comments: Corn was higher last week, with old crop months higher on another week of strong export sales and new crop months slightly higher on ideas of good weather conditions for the Corn Belt. Warmer and drier weather is in the forecast for the coming week after a cold week last week. Demand for Corn in world markets remains strong with sales and shipments of above 1.1 million tons in the latest reporting week. It is warmer and drier in much of the Midwest and planting progress is expected. USDA should also release its first condition report for the crop with very high ratings expected by the trade. Oats were higher.
Chart Analysis: Trends in Corn are mixed. Support is at 451, 443, and 437 July, and resistance is at 470, 480, and 487 July. Trends in Oats are mixed. Support is at 348, 341, and 336 July, and resistance is at 362, 367, and 373 July.

SOYBEANS
General Comments: Soybeans and the products were a little higher last week. The market could turn lower as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Warmer temperatures and drier conditions are expected this week after a cold and wet late week last week.
Analysis: Trends in Soybeans are mixed. Support is at 1051, 1046, and 1037 July, and resistance is at 1082, 1088, and 1105 July. Trends in Soybean Meal are mixed. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are mixed. Support is at 4770, 4730, and 4610 July, with resistance at 5030, 5110, and 5260 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little lower last week. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing production and reduced demand are also heard. The Ringgit was stronger to help limit gains. Chart trends are down. Canola was higher. Trends are turning up on the daily charts and on the weekly charts. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Chart Analysis: Trends in Canola are mixed to up. Support is at 699.00, 686.00, and 680.00 July, with resistance at 735.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3770, 3710, and 3650 August, with resistance at 3990, 4040, and 4130 August.

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