Grains Report - Tuesday, Sept. 28

WHEAT
General Comments: Wheat was mixed. The trends are turning up on the daily and weekly charts. The weekly export sales report showed average sales but there is more talk that Russia would severely restrict Wheat exports due to production lost to drought. Production is less this year and internal prices have been strong. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the weather has become old news. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. Siberian Spring Wheat conditions have been very good. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields. European quality is a problem due to too much rain in some areas and not enough in others.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are up with objectives of 728, 738, and 769 December. Support is at 717, 707, and 701 December, with resistance at 733, 745, and 772 December. Trends in Kansas City are mixed to up with objectives of 728, 747, and 784 December. Support is at 707, 702, and 686 December, with resistance at 730, 735, and 738 December. Trends in Minneapolis are up with objectives of 926 and 938 December. Support is at 909, 895, and 880 December, and resistance is at 923, 933, and 9250 December.

RICE
General Comments: Rice closed higher again yesterday on what appeared to be commercial buying. The first crop has been largely harvested in Texas and in Louisiana, but the second crop s still in the field and is still at risk of loss in both states. Harvesting will start to wind down in both states now. Mississippi and Arkansas producers are at harvest now. Yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. The reports have been good in both Arkansas and Mississippi.
Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.
Chart Analysis: Trends are up with objectives of 1408 and 1436 November. Support is at 1390, 1380, and 1369 November, with resistance at 1401, 1406, and 1410 November.

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