WHEAT

General Comments: Wheat closed higher yesterday in reaction to news that the government has found a way to a deal with many Southeast Asian countries, including China,  President Trump has met with Vietnamese and Cambodian officials and apparently cut some deals with them.  Administration officials have been meeting with the Chinese and apparently found a reason for Trump and Xi meet later this week to conclude a deal on trade.  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 have increased due primarily to reports of big yields in Spring Wheat growing areas.  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 up.  Support is at 515, 505, and 498 December, with resistance at 537, 543, and 553 December.  Trends in Kansas City are mixed.  Support is at 505, 494, and 483 December, with resistance at 526, 531, and 545 December. Trends in Minneapolis are not available.

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RICE

General Comments: Rice was mixed yesterday with support coming from news that the US and many Southeast Asia countries including China could come to trade deals this week. The news supported many Ag markets.  The recent selling has been to be relentless and appears tied to the weaker prices in Asia and especially India.  Trends are down in the market.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is now wrapping up in Mississippi and Arkansas.  California is also about done with its harvest.  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.

Chart Analysis: Trends are mixed.  Support is at 988, 974, and 962 November and resistance is at 1057, 1098, and 1126 November.

CORN AND OATS

General Comments: Corn was higher yesterday on news that the US government will make trade deals with many Southeast Asia nations including China.  Trends are sideways in the market.  Most USDA reports are cancelled as the government is still closed.  The harvest is active in all areas of the Midwest.  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 very 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.

SOYBEANS

General Comments: Soybeans and Soybean Meal were higher last week and Soybean Oil was lower as President Trump said that a primary focus of his proposed meeting with Xi of China remains Chinese Soybeans demand and that he expects to cut a deal with the Chinese this week.  The US has concluded trade deals with many Southeast Asian nations this week, including Vietnam, Thailand, and Cambodia.  The US government has announced that it will support farmers with about 3.0 billion dollars even with the government closed.  China has shown no interest in buying US ag products and Trump has also threatened to regulate cooking oil imports from China in a new escalation in the war as China is restricting Rare Earth metals to the US.  Both sides are expected to ease these issues later this week.  Forecasts call for showers and rains to be seen in the Midwest this week.  Temperatures will average near normal.  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.  Ag Rural said that Brazil is now 36% planted for Soybeans.

Analysis:  Trends in Soybeans are up.  Support is at 1052, 1045, and 1038 November, and resistance is at 1074, 1088, and  1100 November.  Trends in Soybean Meal are up.  Support is at 295.00, 290.00, and 285.00 December, and resistance is at 300.00, 301.00, and 304.00 December.  Trends in Soybean Oil are mixed.  Support is at 4920, 4890, and 4770 December, with resistance at 5180, 5220, and 5390 December.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were a little lower last week in sympathy with the price action in Crude Oil and Soybean Oil.  Futures were lower today.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and on some concerns about Indian demand Canola was a little higher as Canada and China agreed to negotiate trade issues that have included a ban on imports of Canadian Canola by China.  The market also rallied iun line with the price action in Chicago.  Trends are mixed 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.  Support is at 4360, 4290, and 4240 January, with resistance at 4490, 4570, and 4630 January.

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