WHEAT
General Comments: All three markets closed lower again yesterday in Chicago, but higher in Minneapoli as the reports of and forecasts for showers in western growing areas. Crops in the Great Plains are reported to be in good condition. Rain has become much less in the southern Midwest and Mid South. Chart trends are mixed in Winter Wheat markets and in Minneapolis. Traders keep talking about a tight market as a reason to support prices, but 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 a main feature. Overall demand for world Wheat has been weak.
Chart Analysis: Trends in Chicago are down. Support is at 506, 500, and 494 May, with resistance at 518, 521, and 526 May. Trends in Kansas City are down. Support is at 512, 506, and 500 May, with resistance at 521, 536, and 544 May. Trends in Minneapolis are mixed. Support is at 593, 579, and 573 May, and resistance is at 614, 618, and 624 May.

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RICE
General Comments: Rice closed lower yesterday on renewed speculative selling, but futures made a nice recovery after the initial dive in prices. 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 southern growing areas now and is about half done farther to the north.
Chart Analysis: Trends are down. Support is at 1191, 1176, and 1164 May and resistance is at 1323, 1338, and 1359 May.

CORN AND OATS
General Comments: Corn closed lower yesterday as the market reacted to better planting weather in the Midwest. President Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet. Demand for Corn in domestic and world markets remains strong with sales of well above 1.0 million tons in the latest reporting week. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are drying out after being too wet. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week, but rain remains in the forecast. Oats were higher, and the trends are mixed in this market.
Chart Analysis: Trends in Corn are mixed to up. Support is at 461, 454, and 448 May, and resistance is at 481, 492, and 500 May. Trends in Oats are mixed to up. Support is at 371, 361, and 352 May, and resistance is at 385, 389, and 395 May.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower yesterday, and Soybean Meal closed higher in correction trading. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend.
Analysis: Trends in Soybeans are mixed. Support is at 1028, 1011, and 991 May, and resistance is at 1058, 1067, and 1073 May. Trends in Soybean Meal are mixed to up. Support is at 286.00, 280.00, and 277.00 May, and resistance is at 295.00, 299.00, and 302.00 May. Trends in Soybean Oil are mixed to up. Support is at 4740, 4580, and 4440 May, with resistance at 5070, 5100, and 5150 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on speculative selling tied to ideas of increasing production. There is talk of reduced supplies in the market. Chart trends are mixed. Canola was mixed yesterday and traded at new highs for the move early in the session. Trends are still up on the daily charts and weekly charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. 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. Support is at 671.00, 655.00, and 645.00 May, with resistance at 703.00, 708.00, and 714.00 May. Trends in Palm Oil are mixed to down. Support is at 3910, 3790, and 3870 June, with resistance at 4130, 4230, and 4280 June.

Midwest Weather Forecast Mostly dry conditions today but big rains possible tonight. Temperatures should average above normal.

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Softs Report - Friday, May 2
Grains Report - Thursday, May 1