WHEAT
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.

RICE
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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CORN AND OATS
General Comments: Corn was higher in reaction to ideas of strong export demand and reports of dry conditions in South America. Oats were lower and trends turned down on the daily charts. Export demand is holding strong with another 334,000 tons sold over the weekend. US weather was great for harvesting last week with warm and dry conditions for much of the Midwest. The harvest should be all but over now so weather will have less importance soon. Yield reports have generally been good except for the drought and derecho areas of Iowa. Ukraine has been in drought and southern Brazil, Uruguay, Paraguay, and into northern Argentina have also experienced drought. The drought is especially serious in South America for the first Corn crop but the second crop could also be affected due to late planting in central and northern Brazil. Dry weather has delayed the Soybeans planting and that will delay the second Corn planting later. Farmers will not plant if it gets too late in the year as the rains will shut off before the crop gets home.
Overnight News: USDA said that Sorghum is now 97% harvested, from 94% last week, 96% last year, and 92% average.
Chart Analysis: Trends in Corn are mixed to up with objectives of 435 December. Support is at 417, 412, and 404 December, and resistance is at 428, 431, and 434 December. Trends in Oats are down with objectives of 286, 279, and 277 December. Support is at 279, 278, and 270 December, and resistance is at 295, 300, and 305 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal closed a little higher on the warm and dry weather in South America. Soybean Oil was mixed. Production potential is being threatened there due to the lack of rainfall. It is drier again in central Brazil and farther to the north, but conditions are a little better in far southern Brazil and Argentina. The world will need very strong production from South America to meet the projected demand, but the weather is hurting production ideas. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years. Higher Soybeans prices are likely. China has not appeared in the daily sales announcements from USDA in over three weeks except for one time, but the country was once again a significant buyer in the weekly export sales report. China still needs to buy for crushers but appears to have bought what was necessary for the reserve. The weather in the US is good for any remaining harvest as it was drier last week.
Overnight News: USDA said that peanuts are now 93% harvested, from 85% last week, 95% last year, and 93% average. Sunflowers are now 92% harvested, from 88% last week, 53% last year, and 81% average.
Chart Analysis: Trends in Soybeans are up with objectives of 1203 January. Support is at 1181, 1168, and 1162 January, and resistance is at 1208, 1220, and 1232 January. Trends in Soybean Meal are mixed to up with objectives of 405.00 December. Support is at 391.00, 384.00, and 380.00 December, and resistance is at 401.00, 404.00, and 407.00 December. Trends in Soybean Oil are up with objectives of 3960 December. Support is at 3800, 3720, and 3660 December, with resistance at 3900, 3930, and 3960 December.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on weakness in the outside markets. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Chart trends are still up. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. Canola was higher on strong demand ideas. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up. Canola farmers have reduced selling by now so demand is chasing after fewer supplies. Harvest in the Prairies is done and yields are reported to be very strong.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 572.00, 564.00, and 560.00 January, with resistance at 586.00, 589.00, and 592.00 January. Trends in Palm Oil are mixed. Support is at 3270, 3200, and 3170 February, with resistance at 3420, 3440, and 3470 February.