WHEAT

General Comments: Wheat closed higher yesterday on news that the US Senate has voted to reopen government perhaps as soon s this week.  There has been no new China demand news or rumors and the weekly export inspections were down.  No other USDA reports were released due to the government shutdown, but USDA will issue the November WASDE reports and production reports later this weekSouthern hemisphere crops appear to be good.

Chart Analysis: Trends in Chicago are mixed to down.  Support is at 524, 517, and 505 December, with resistance at 555, 560, and 573 December.  Trends in Kansas City are mixed tso up.  Support is at 506, 501, and 494 December, with resistance at 540, 545, and 548 December. Trends in Minneapolis are not available.

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RICE

General Comments Rice was higher yesterday on news that the US Senate had voted to reopen he government ads soon as this week.  Ideas are that the market is too cheap and that farmers have sold what needs to be sold for now.  The recent selling has been to be relentless and appears tied to the weaker prices in Asia and especially India.  Trends are down in the market.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is now wrapping up in Mississippi and Arkansas.  California is also about done with its harvest.  Yields and quality are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.

Chart Analysis: Trends are mixed.  Support is at 1020, 1012, and 1000 January and resistance is at 1074, 1086, and 1101 January.

CORN AND OATS

General Comments: Corn was higher yesterday but held the recent trading range as the Senate is now allowing the government to reopen. The Supreme Court is deciding on the Trump tariffs but a decision will take a while.  Trends are sideways in the market.  The export inspections report showed good demand for US Corn.  Most USDA reports are cancelled as the government is still closed, but the November WASDE and production reports are to be issued on time later this week.  There is talk in the country that Corn production is being overestimated by analysts.  The harvest is winding down in all areas of the Midwest.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Temperatures should average below normal early this week but above normal by this weekend and there are forecasts for some precipitation.  Oats were higher.

Chart Analysis: Trends in Corn are mixed.  Support is at 425, 422, and 419 December, and resistance is at 442, 450, and 456 December.  Trends in Oats are mixed.  Support is at 282, 274, and 268 December, and resistance is at 304, 310, and 316 December.

SOYBEANS

General Comments: Soybeans and the products were higher yesterday as the US Senate has voted to reopen the government maybe by the end of this week.  There was no talk of new Chinese demand although the market hoes for more.  China bought cargoes over a week ago but has not been reported to buy anything since.  The US Supreme Court is now deciding on the legality of the Trump tariffs. China is almost done with purchases for this year and as the US will have to compete with South America for sales in a diminishing Chinese market.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  The US government has announced that it will support farmers with money, but so far no money has been flowing.  Forecasts call for some precipitation to be seen in the Midwest this week.  Temperatures will average below normal early this week, but above normal by this weekend.  Export demand remains less for US Soybeans as China has been taking almost all the export from South America due to the Trump tariff regime.  Brazil Soybeans are now 61% planted, from 67% last year.

Analysis: Trends in Soybeans are up.  Support is at 1098, 1085, and 1070 January, and resistance is at 1136, 1142, and  1148 January.  Trends in Soybean Meal are up.  Support is at 304.00, 300.00, and 295.00 December, and resistance is at 325.00, 328.00, and 331.00 December.  Trends in Soybean Oil are mixed.  Support is at 4930, 4890, and 4770 December, with resistance at 5110, 5040, and 5180 December.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were higher today on ideas that production will be less in the near term due to weather considerations. The market sentiment overall has been bearish on ideas of increasing stocks to the market and on some concerns about demand Canola was a little higher.  Trends are mixed on the daily charts and on the weekly charts.

Chart Analysis: Trends in Canola are mixed.  Support is at 625.00, 623.00, and 620.00 January, with resistance at 649.00, 656.00, and 661.00 January.  Trends in Palm Oil are mixed.  Support is at 4060, 3990, and 3950 January, with resistance at 4210, 4240, and 4290 January.

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