Grains Report - Tuesday, Sept. 7

WHEAT
General Comments: Wheat was mixed, with HRW a little higher and SRW a little lower. Minneapolis was lower but rallied off the lows to close near the bottom of a recent trading range. The weekly export sales was poor once again. The demand has not been seen here, so the Winter Wheat markets have not been able to do more than hold in a range. Hurricane Ida did not reach into most Wheat areas, but could have brought some big rains to some SRW areas. Wheat loading ports in the US are mostly in Texas or the PNW and were not affected. 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 US and Canada are seeing some showers this week. Crop size estimates in Russia have been reduced and domestic Russian prices are above world prices. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. The weather in China and Europe is wet and there is potential for reduced quality in Europe. 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.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be near to above
normal. Northern areas should see mostly dry conditions. Temperatures will be near normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average near to below normal. Nigeria bought 327,50 tons of US HRW Wheat.
Chart Analysis: Trends in Chicago are mixed. Support is at 709, 705, and 693 December, with resistance at 732, 745, and 754 December. Trends in Kansas City are mixed. Support is at 711, 6787, and 6585 December, with resistance at 735, 738, and 747 December. Trends in Minneapolis are mixed. Support is at 890, 880, and 875 December, and resistance is at 927, 937, and 950 December.

Image by 41330 from Pixabay

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