WHEAT

General Comments: Wheat closed slightly lower in quiet trading yesterday.  No USDA reports were released due to the government shutdown.  Russian crop areas remain too dry in Winter Wheat areas and too wet in Spring Wheat areas, but crop size ideas are expected to increase due to reports of big yields in Spring Wheat growing areas.  Sovecon last week has raised its production estimates by 600,000 tons to 87.8 million tons due to higher production in Siberia.  Ideas are that production there next year will feature reduced planted area due to the lack of profitability.  A French government report showed plenty of production but lower quality.  Rains have been good in the northern Great Plains and Canada.  It has been warm in the Great Plains so far this Fall.  Southern hemisphere crops appear to be good.

Chart Analysis: Trends in Chicago are mixed to down.  Support is at 493, 490 and 484 December, with resistance at 507, 513, and 518 December.  Trends in Kansas City are mixed to down.  Support is at 478, 472, and 466 December, with resistance at 496, 501, and 507 December. Trends in Minneapolis are not available.

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RICE

General Comments Rice was higher in range trading yesterday.  Trends are sideways in the market.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is starting to wrap up in Mississippi and Arkansas.  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.  Louisiana reports good but not great yields and quality.

Chart Analysis: Trends are mixed.  Support is at 1064, 1052, and 1040 November and resistance is at 1098, 1126, and 1145 November.

CORN AND OATS

General Comments: Corn was a little lower yesterday in lifeless trading with the government still closed and USDA reports cancelled for now.  The crop is maturing and the harvest is expanding.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Yield reports are showing at or above APH yields in western areas, with vey good crops reported in Minnesota.  Yields have been reported at or less than APH in areas east of the Mississippi River.  Temperatures should average near to above normal this week and there are forecasts for mostly dry conditions.  Most of the western Midwest has seen adequate or greater precipitation and production ideas are high.  Areas east of the Mississippi River have been very dry for the last month or more.  Demand for Corn in world markets remains moderate to strong.  Oats were a little higher.

Chart Analysis:  Trends in Corn are mixed.  Support is at 411, 408, and 405 December, and resistance is at 424, 428, and 431 December.  Trends in Oats are down.  Support is at 283, 277, and 271 December, and resistance is at 300, 308, and 311 December.

SOYBEANS

General Comments: Soybeans were a little higher and Soybean Oil closed higher while Soybean Meal closed lower as the market heard that China has imposed new restrictions on the export of rare earth metals. Chinese exporters now must register with the government and register sales.  It is another roadblock in the quest for a trade deal between the US and China.  President Trump said that he now has no plans to talk to President Xi of China about Chinese purchase of US Soybeans, and reports indicate that their meeting of the two leaders at the end of the month will be brief if the meeting happens at all.  Trump was more relaxed over the weekend and the market was more relaxed yesterday.  China has shown no interest in buying US ag products.  Forecasts call for mostly dry conditions to be seen in the Midwest this and next week.  Temperatures will average near or above normal.  The dry weather could hurt pod fill and bean size and there are indications that the yields are less than expected in eastern areas.  Prices are still higher in Brazil, but China and other buyers are still buying there for political reasons.  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.

Analysis:  Trends in Soybeans are mixed to down.  Support is at 994, 981, and 970 November, and resistance is at 1021, 1030, and  1036 November.  Trends in Soybean Meal are mixed.  Support is at 271.00, 268.00, and 265.00 December, and resistance is at 282.00, 286.00, and 290.00 December.  Trends in Soybean Oil are mixed.  Support is at 4920, 4890, and 4770 December, with resistance at 5160, 5220, and 5390 December.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were lower today due to concerns about demand from India and ideas of increasing supplies. Canola was a little higher last week.  Concerns remain about demand potential.  The Canadian government is moving now to support farmers in the face of the Chinese demand loss and also in the face of the Trump tariffs.  Trends are mixed to down on the daily charts and on the weekly charts.

Chart Analysis: Trends in Canola are mixed.  Support is at 596.00, 590.00, and 584.00 November, with resistance at 625.00, 630.00, and 640.00 November.  Trends in Palm Oil are mixed to up.  Support is at 4450, 4390, and 4340 December, with resistance at 4580, 4620, and 4680 December.

DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 14

The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, supplied by commodity broker Matthes & Porton Bhd.

Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.

Refined, bleached and deodorized palm oil, FOB, Malaysian ports

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