Grains Report - Tuesday, Oct. 20

WHEAT
General Comments: Winter Wheat markets were higher again yesterday. It is a weather market and the planting weather is dry in many northern hemisphere areas. Western Europe is likely to get some good rains in the short term, but southern Russia could stay dry except for a narrow band of showers near Kazakhstan. Dry conditions are forecast for eastern Ukraine this week. Kazakhstan has been dry. These areas are trying to plant the next Winter Wheat crop but the dry weather and the dry soils are keeping farmers out of the fields. Farmers are not really selling much of the current crop due to fears about production of the next crop. Less production is likely in Argentina due to drought, but the rains are coming. Western Australia has also been very dry. The western Great Plains remains mostly hot and dry. The Midwest has had some rains and the forecasts call for good rains this week in SRW areas.
Overnight News: The southern Great Plains should get isolated to scattered showers. Temperatures should be below normal. Northern areas should see scattered showers. Temperatures will be below normal. The Canadian Prairies should see light snow. Temperatures should be below normal.
Chart Analysis: Trends in Chicago are up with objectives of 660 December. Support is at 604, 600, and 587 December, with resistance at 638, 644, and 650 December. Trends in Kansas City are up with objectives of 570 and 600 December. Support is at 552, 540, and 527 December, with resistance at 570, 573, and 576 December. Trends in Minneapolis are up with objectives of 577 December. Support is at 560, 555, and 548 December, and resistance is at 571, 574, and 578 December.

RICE
General Comments: Rice was higher as the US harvest is in its final stages. The harvest has been active in northern states with good field yields reported. Southern Louisiana and Texas are done with the first crop harvest and are waiting for the second crop to mature. Producers had to endure Hurricane Delta in Louisiana, but the Rice apparently made it through with only minimal losses if any losses were seen at all. Quality is said to be very good, especially in Arkansas.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are mixed. Support is at 1234, 1220, and 1210 November, with resistance at 1255, 1260, and 1275 November.

1 2 3
View single page >> |

Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.