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.

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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.

CORN AND OATS
General Comments: Corn closed higher as wet and cold weather is likely for parts of the Midwest. The market is worried about already planted Corn that could be damaged in the next week. Fieldwork is being delayed but it is still early in the season. The market appeared to be reacting to the USDA reports released on Friday and encountered buy the rumor and sell the fact trading. Chinese demand had been strong until recently and it looks like they need the Corn. Prices inside China for Corn remain extremely high. It is drier in central and parts of northern Brazil, and farmers have finally harvested the Soybeans area and planted the Winter Corn. The Winter Corn crop progress is well behind normal. Argentina is dry again and Corn in Argentina is losing yield to dry conditions and crop stress. Southern Brazil is also dry. Argentina has sold some Wheat and Corn to Brazil and more sales are likely. USDA released its newest WASDE supply and demand estimates last Friday and the reports were called neutral by the trade. US and world-ending stocks are trending lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 607 May. Support is at 565, 561, and 552 May, and resistance is at 586, 595, and 602 May. Trends in Oats are mixed. Support is at 367, 365, and 360 May, and resistance is at 379, 382, and 384 May.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher, but Soybeans gave back their best gains after challenging resistance areas on the charts. Trends are still down on the daily charts in Soybeans. Soybean Meal closed lower on spreads against Soybean Oil and on increased production of DDG due to the stronger ethanol crush in Corn. The USDA report released on Friday showed unchanged ending stocks estimates for the US. However, Brazil Soybeans production was increased and Argentine Soybeans production held steady. The trade had expected some increase in the Brail production after private estimates from Brazil showed higher production. The Argentine estimate was a surprise as the market had expected less production from there. The Brazil harvest had been delayed due to late planting dates early due to dry weather and now too much rain that has caused harvest delays and some quality problems in the north as well. Harvest activities have increased and is almost complete. China has been buying for next year here but now is buying mostly in South America. US internal demand has been strong.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1344 and 1287 May. Support is at 1378, 1365, and 1357 May, and resistance is at 1413, 1420, and 1435 May. Trends in Soybean Meal are mixed to down with objectives of 396.00 and 368.00 May. Support is at 390.00, 385.00, and 377.00 May, and resistance is at 406.00, 409.00, and 418.00 May. Trends in Soybean Oil are mixed to down with objectives of 4980 and 4690 May. Support is at 5090, 5020, and 4860 May, with resistance at 5410, 5450, and 5500 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on the back of the rally in Soybean Oil in Chicago overnight and on ideas of increasing export demand for the second half of April. Palm Oil closed higher last week on reports of good demand from the private sources for March and the first part of April. Ideas of tight supplies are still around. The production of Palm Oil is down in both Malaysia and Indonesia. Canola was higher on ideas of tight supplies combined with a drought in the Canadian Prairies. Soybean Oil and Palm Oil were higher. Worries about South American production are supporting both markets.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 824.00 and 840.00 May. Support is at 805.00, 796.00, and 791.00 May, with resistance at 827.00, 830.00, and 836.00 May. Trends in Palm Oil are down with objectives of 3570 and 3400 June. Support is at 3630, 3580, and 3470 June, with resistance at 3800, 3870, and 3920 June.

Midwest Weather Forecast: Dry conditions or isolated showers. Temperatures should average near to below normal.