Grains Report - Wednesday, April 21

assorted food in sacks

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WHEAT

General Comments: Wheat markets were higher as Wheat remains a weather market. The weather remains too dry in the northern Great Plains and in the Canadian Prairies and farmers have planted into dry soils. It has been very cold and some Winterkill was possible in the central and southern Great Plains. Any damage is expected to be light. There will be some precipitation with the colder air which should be mostly light but beneficial for the short term.

Demand remains disappointing but the production might not be there for better demand in the coming year. Corn prices are high so demand for feed wheat could increase. The chart trends are up on the daily charts and on the weekly charts.

Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be below normal. Northern areas should see general rains. Temperatures will be below normal. The Canadian Prairies should see showers and rains. Temperatures should average below normal.

Chart Analysis: Trends in Chicago are up with objectives of 709 May. Support is at 656, 650, and 644 May, with resistance at 680, 685, and 694 May. Trends in Kansas City are up with objectives of 648 and 678 May. Support is at 609, 600, and 591 May, with resistance at 620, 623, and 629 May. Trends in Minneapolis are up with objectives of 671 and 690 May. Support is at 658, 650, and 639 May, and resistance is at 670, 674, and 680 May.

RICE

General Comments: Rice was near unchanged in the front months on what appeared to be speculative selling tied to ideas of weaker demand. 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 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 months were a little lower. New crop Rice is getting planted in Texas and planting is more than three-quarters done in Louisiana. Mississippi and Arkansas are starting planting. It will be cold for the next few nights but the Rice should not be affected as it is still not really in the ground yet.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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