Grains Report - Wednesday, April 14

WHEAT
General Comments: Wheat markets were a little higher on the strength in Corn. Futures gave back the best gains of the day on forecasts for some precipitation son in the Great Plains. Only Texas might miss good precipitation. The weather remains too dry in the northern Great Plains and in the Canadian Prairies and farmers can’t plant. Some rain and snow has appeared in some forecasts and the northern areas should turn colder. The chart trends are mostly up on the daily charts and are turning up on the weekly charts. The USDA WASDE reports released n Friday were neutral for prices. Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be variable. Northern areas should see general rains. Temperatures will be near to below normal. The Canadian Prairies should see showers and rains. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 669, 670, and 709 May. Support is at 628, 620, and 610 May, with resistance at 645, 649, and 658 May. Trends in Kansas City are mixed to up with objectives of 602, 614, and 648 May. Support is at 576, 568, and 558 May, with resistance at 587, 592, and 595 May. Trends in Minneapolis are mixed to up with objectives of 671 and 690 May. Support is at 629, 624, and 609 May, and resistance is at 659, 662, and 668 May.

selective focus photo of plant

Image Source: Unsplash

RICE
General Comments: Rice was a little higher in the active months and sharply higher in deferred months on no trade. Futures remain in a sideways pattern with no reason to move up or down in any big way. USDA released its monthly supply and demand reports on Friday and ending stocks were higher. Demand has been solid for exports but less for the mills and this remains the feature of the trade. The export demand has been primarily for paddy Rice and not for milled Rice. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to lower last week. New crop Rice is mostly planted in Texas and planting is more than three-quarters done in Louisiana. Mississippi is underway but it remains too cold in Arkansas for much planting to get done.
Overnight News: The Delta should get rains. Temperatures should be below normal.
Chart Analysis: Trends are mixed to down with objectives of 1287, 1264, and 1246 May. Support is at 1300, 1290, and 1283 May, with resistance at 1319, 1330, and 1345 May.

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