WHEAT
General Comments: Wheat markets were mixed to generally a little higher as drones struck Kiev. They ere Iranian drones that were given to Moscow and they hit many civilian targets. The markets could not hold early gains on weak demand and ideas that weak demand can continue due in part to a stronger US Dollar. Russia is looking to export more and wants Ukraine to export less and to only countries it defines as poor. Russia wtill appears to be losing the war and could do something rash to try to hold things together. The demand for US Wheat still needs to show up and right now there is no demand news to help support futures.. Europe is too hot and dry and the US central and southern Great Plains have also been too hot and dry. Planting and initial emergence could be affected. Dry weather has affected the Indian production as well.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should average below normal. Northern areas should see mostly dry conditions . Temperatures will average below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 646 and 794 December. Support is at 854, 849, and 819 December, with resistance at 873, 906, and 946 December. Trends in Kansas City are mixed to down with objectives of 930 and 872 December. Support is at 922, 896, and 965 December, with resistance at 997, 1010, and 1033 December. Trends in Minneapolis are mixed. Support is at 939, 907, and 885 December, and resistance is at 993, 1001, and 1024 December.

Photo by Polina Rytova on Unsplash

RICE
General Comments: Rice was lower again yesterday on shipping delays caused by the low river levels on the Mississippi and as the harvest pressure continued. The weekly charts show that futures are trying to break through some big support areas. Harvest progress is almost complete in Arkansas, the largest Rice producing state, and yields and quality are reported to be very strong. Mississippi is also at harvest with much more mixed results. Some producers are getting done with harvesting in Texas as well as in southern Louisiana Yield reports have been generally good in Louisiana and quality reports are generally good. Yield and quality have been up and down in Texas.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are mixed to down with objectives of 1660, 1652, and 1632 November. Support is at 1666, 1658, and 1652 November and resistance is at 1688, 1692, and 1704 November

CORN AND OATS
General Comments: Corn closed lower on ideas of weak demand. The Mississippi river is low due to the dry conditions seen in most of the central parts of the US and there are no forecasts for an improvement soon. Barge traffic has been reduced. The cash market has been strong at the Gulf but weak in the Midwest river areas due to the low river levels. The demand side will need to be watched as Corn demand needs to hold to keep lower ending stocks estimates in play. There are increasing concerns about demand with the Chinese economic problems caused by the lockdowns creating the possibility of less demand as South America has much better crops this year to compete with the US for sales. Export demand in general has been slow so far this year.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 680, 672, and 665 December, and resistance is at 700, 706, and 708 December. Trends in Oats are mixed. Support is at 377, 369, and 364 December, and resistance is at 410, 420, and 424 December.

SOYBEANS
General Comments: Soybeans and Soybean Meal were a little lower yesterday and Soybean Oil Was a little higher. The market was not strong considering that there have been export sales of 1.5 million tons of Soybeans in the last week as the trade is worried about longer term factors. The US will still harvest plenty of Soybeans in the next few weeks and ideas that Brazil is off to a very good start. The Mississippi river is low due to the dry conditions seen in most of the central parts of the US and there are no forecasts for an improvement soon. Barge traffic has been reduced but the Coast Guard said yesterday that barge traffic is permitted in the river. The trade worried about international weather and supply. Demand remains an issue for the market to contend with. The trade is worried about demand due to a lack of Chinese interest caused by the Covid lockdowns there and in part by the stronger US Dollar. Brazil is still offering and South America as a whole are expected to produce a very big crop later this year for harvest next Spring. However, a third year of La Nina as predicted by meteorologists could cut the production potential. US production ideas remain strong after mostly good weather in August. Basis levels are weaker in the Midwest but are strong at the Gulf. There are still Chinese lockdowns and there are fears that China has been importing less as a result.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1376, 1365, and 1349 November, and resistance is at 1414, 1427, and 1437 November. Trends in Soybean Meal are mixed to up with objectives of 421.00 December. Support is at 409.00, 404.00, and 400.00 December, and resistance is at 419.00 423.00, and 430.00 December. Trends in Soybean Oil are mixed. Support is at 6500, 6450, and 61410 December, with resistance at 6760, 6800, and 7120 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week despite bearish stocks data from MPOB as futures prices recovered from very oversold levels. Ideas are that supply and production will be strong, but demand ideas are now weakening and the market will continue to look to the private data for clues on demand and the direction of the futures market. Export data has been strong this month from the private sources and MPOB reported improved demand last month. Production was also higher and ending stocks were up more than 10% to 2.315 million tons. Canola was lower yesterday as the Canadian Dollar rallied and the US Dollar moved lower. The Canola harvest is active and starting to wind down in some areas. Some of the early week rally came on continued cash market strength before the harvest. The Canola growing conditions are much improved and production estimates are higher for the year.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 850.00, 841.00, and 828.00 November, with resistance at 874.00, 877.00, and 891.00 November. Trends in Palm Oil are mixed. Support is at 3820, 3630, and 3440 January, with resistance at 3940, 4000, and 4100 January.

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