Grains Report - Tuesday, Nov. 24

General Comments: Winter Wheat markets were mixed, with SRW and HRW a little higher and Minneapolis lower. World prices have held steady and trading has been choppy. Australian supplies have also increased with its harvest now complete. US weather is mixed with good conditions in the majority of the country but still dry conditions in the western Great Plains. Southwest Kansas and southeast Colorado remain the driest. It was warm last week. Showers are in the forecast for this week. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia's conditions are improving after some recent rains. The demand has held well and world prices remain high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will be near to above normal. The Canadian Prairies should see scattered snow showers. Temperatures should average near to below normal. USDA said that Winter Wheat is now 89% emerged, from 85% last week, 96% last year, and 88% average. Condition is rated 6% very poor, 15% poor, 36% fair, 37% good, and 6% excellent.
Chart Analysis: Trends in Chicago are mixed. Support is at 590, 587, and 580 December, with resistance at 606, 613, and 616 December. Trends in Kansas City are mixed. Support is at 546, 538, and 536 December, with resistance at 562, 569, and 581 December. Trends in Minneapolis are mixed. Support is at 544, 540, and 534 December, and resistance is at 557, 561, and 566 December.

General Comments: Rice closed a little lower after being lower in the overnight session. Buying appeared after the morning open to support prices in a thinly traded session. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over in northern states with good field yields reported. Southern Louisiana and Texas are harvesting the second crop and yield reports have been good. Quality is said to be very good everywhere.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1223, 1220, and 1214 January, with resistance at 1248, 1250, and 1257 January.

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