WHEAT
General Comments: Winter Wheat markets were sharply lower in part on the rally in the US Dollar. The Dollar was very strong and has started to break out to the upside. Overseas weather remains variable for Wheat production. Western Europe is likely to get some rains in the short term, but eastern Europe and southern Russia could stay 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. Less production is likely in Argentina due to drought. About half of Argentine growing areas are affected. The next crop is being planted now in northern parts of the world. Conditions are improved in the US after some rains fell in the Great Plains but the southern Great Plains remains mostly hot and dry. The Midwest has had god rains although some areas in the southern Midwest have not gotten much rain recently.
Overnight News: The southern Great Plains should get scattered showers and some big rains along the Gulf coast from the hurricane. Temperatures should be near to below normal. Northern areas should see isolated showers. Temperatures will average near to below normal. The Canadian Prairies should see isolated showers. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 547, 543, and 532 December, with resistance at 557, 568, and 578 December. Trends in Kansas City are mixed Support is at 476, 470, and 467 December, with resistance at 501, 504, and 512 December. Trends in Minneapolis are mixed. Support is at 532, 523, and 519 December, and resistance is at 556, 567, and 569 December.

RICE
General Comments: Rice was lower on the strong US Dollar ad the fear of lost demand. Reports indicate that export and domestic demand has not been real strong to start out the new crop year although the export sales report was great last week. Exporters and domestic mills are thought to be holding back on purchases for as long as possible due to the current relatively high prices. The rebound in demand supported futures and pushed the market to new highs for the move late in the week. Futures gave back those gains yesterday. The harvest has been active in most states with good field yields reported. Quality is said to be very good, especially in Arkansas. Milling yields are higher and appearance is very good with minimal chalk or peck showing.
Overnight News: The Delta should get scattered showers with heavy rains in the south from the hurricane. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1210, 1204, and 1192 November, with resistance at 1237, 1244, and 1257 November.

CORN AND OATS
General Comments: Corn was lower on demand concerns sparked in part by the strength in the US Dollar and on ideas of increasing harvest progress and pressure. Demand is holding strong for exports, but it is harvest time and initial yield reports have been strong. USDA has found less damage to crops in Iowa and northern Illinois due to the drought and derecho winds that hit both areas a month ago. That allowed for the higher yield, production, and ending stocks estimates. The harvest is concentrated in the southeast and Delta for now and has started to expand into the Midwest with very good harvest conditions. Demand has held together with China and other countries doing some buying. China seemed to be mostly quiet in the Corn market last week but did buy 210,000 tons on Friday. Other buyers around the world have been active as well.
Overnight News: China bought 140,000 tons of US Corn and unknown destinations bought 320,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 364, 363, and 361 December, and resistance is at 373, 379, and 380 December. Trends in Oats are mixed to up with objectives of 290 December. Support is at 279, 275, and 273 December, and resistance is at 285, 288, and 292 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and the products were sharply lower in the face of the stronger US Dollar and expanding harvest progress. Soybeans were the leader to the upside due to the strong Chinese demand but gave back the gains of last week even with new buying from China and other destinations. Much of the demand until now has been from China and some in the trade now think China will buy more than what USDA has indicated in its supply and demand tables. The trade generally expects China to shift its buying back to Brazil in the near future, but USDA suggests that China could continue to buy here a little longer than expected. The harvest has expanded into parts of the Midwest. Some yield reports in Iowa have been poor, but producers in Illinois are harvesting good but not great crops.
Overnight News: China bought 266,000 tons of US Soybeans and unknown destinations bought 264,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1006, 985, and 982 November, and resistance is at 1027, 1048, and 1060 November. Trends in Soybean Meal are mixed to up with objectives of 339.00 October. Support is at 330.00, 323.00, and 319.00 October, and resistance is at 339.00, 342.00, and 345.00 October. Trends in Soybean Oil are mixed. Support is at 3390, 3320, and 3260 October, with resistance at 3470, 3550, and 3580 October.

CANOLA AND PALM OIL
General Comments: Palm Oil closed sharply lower today on speculative long liquidation. Demand reports from the private surveyors are stronger this month. Production ideas are turning seasonally higher as trees enter a peak production period over the next few months, but year to year production estimates are down this year from last year. Most importers seem to have enough stocks on hand and the Coronavirus pandemic is keeping overall demand on the lighter side. Canola was lower but held better than Chicago Soybeans and Soybean Oil due to the strength in the US Dollar against the Canadian Dollar. Canola farmers have withdrawn from the market and speculators are buying.
Overnight News: SGS said that Malaysian Palm Oil exports are 1.047 million tons so far this month, from 890,443 tons last month.
Chart Analysis: Trends in Canola are mixed. Support is at 523.00, 518.00, and 512.00 November, with resistance at 534.00, 536.00, and 539.00 November. Trends in Palm Oil are mixed to up with no objectives. Support is at 3000, 2970, and 2910 December, with resistance at 3080, 3110, and 3140 December.