Photo by Marek Studzinski on Unsplash

WHEAT
General Comments: Wheat markets closed higher on news that Israel and Hamas are at war. The war has the possibility to disrupt trading flows for Russian and other Wheat. Russia was once again bombing Ukraine ports on the Black Sea and Danube River. Ukraine is now trying to load ships and exporting through the Black Sea and some ships have in fact been loaded at those ports. Russia is still exporting and offering Wheat into the world market at $270.00 per ton and is getting quite a bit of business. Ukraine and the EU countries are offering as well and are getting new business due to the higher Russian prices. Demand has been poor for US Wheat as Russia production looks strong and exports from Russia have not abated and Ukraine is still exporting, although mostly over land through the EU at higher costs. Ukraine has lately shipped at least three loads of grain through the Black Sea after bombing a lot of Russian ships to allow for safe passage. Weather forecasts call for drier weather for Australia and Argentina, with production losses now expected for both countries.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.

RICE
General Comments: Rice closed lower again on follow through selling and as the US Dollar moved higher again in response to strong jobs data released on Friday morning and he war in Israel. Some selling was seen in anticipation of the USDA reports that ill be released on Thursday. Ideas are that production will be less in this and coming reports. Yields are called average to below average in Texas and average so far in Arkansas as the harvest moves forward. The quality has been uneven with some crops affected by the extreme heat seen during the growing season. India will not allow Rice exports except for Basmati for now because of bad weather in some production areas.
Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1565, 1560, and 1555 November and resistance is at 1609, 1629, and 1637 November.

CORN AND OATS
General Comments: Corn and Oats closed lower as traders started to get ready for the USDA crop reports that will be released on Thursday. The Corn harvest is continuing with good weather and yield reports showing good and bad results with no real trend evident. Farmers report no real sales of Corn as they wait for higher prices. Weather forecasts remain mostly dry but with moderate temperatures for the Midwest for the next week. The harvest is coming so moisture needs are less, and many producers report that Corn is shutting down early and that the harvest could start sooner than normal. Demand for US Corn in the world market has been very low and domestic demand has been weak due to reduced Cattle and other livestock production. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are relatively cheap and Brazil is getting the business. That could change in the coming year is the growing conditions deteriorate in Brazil as is possible in an El Nino year.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 512 and 534 December. Support is at 483, 478, and 474 December, and resistance is at 499, 507, and 527 December. Trends in Oats are mixed. Support is at 418, 410, and 394 December, and resistance is at 456, 465, and 480 December.

SOYBEANS
General Comments: Soybeans and Soybean Oil closed lower yesterday and trends remain down on the daily and weekly charts. Soybean Meal was higher. Stronger Crude Oil futures never affected Soybean Oil or Soybeans and Corn as most in the trade were looking ahead to the USDA reports that will be released on Thursday.. Initial yield results for the new crop show that production and yields are above and below APH data with no real trend showing just yet. The data has been called disappointing to traders as production appears to be less than expected so far this crop year. Weather forecasts call for dry conditions and below normal temperatures for the Midwest for the first half of the week. Ideas are that the top end of the yield potential is gone and severe damage is becoming possible in some areas. Brazil basis levels are still low, and the US is being shut out of the market for most importers, but the US is price competitive now. Brazil is still selling a lot of Soybeans to China and other countries and reports indicate that the availability of Brazil Soybeans might be ramping down.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1257, 1246, and 1235 November, and resistance is at 1288, 1307, and 1322 November. Trends in Soybean Meal are mixed. Support is at 367.00, 363.00, and 362.00 December, and resistance is at 380.00, 385.00, and 388.00 December. Trends in Soybean Oil are down with objectives of 5180 December. Support is at 5380, 5140, and 4990 December, with resistance at 5510, 5640, and 5870 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday on weakness in other vegetable oils and petroleum markets. Traders still think that El Nino will cause big production problems down the road and are holding out hopes for rallies in the future, but supplies appear to be very strong for now. Canola was closed for a holiday. Drier weather is generally forecast for the Prairies and the crops have been stressed, but some rain is falling now to maintain crop condition. Harvest is active and speculators were selling.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 704.00, 694.00, and 684.00 November, with resistance at 729.00, 734.00, and 736.00 November. Trends in Palm Oil are mixed. Support is at 3460, 3530, and 3420 December, with resistance at 3640, 3750, and 3840 December.

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