Grains Report - Wednesday, April 28

WHEAT
General Comments: Wheat markets were sharply higher early yesterday only to closed mixed. Wheat remains a weather market, but the sellers were worried about the demand side being very weak. The weather remains too dry in the northern Great Plains and in the Canadian Prairies and farmers have planted into dry soils. Some showers are possible in both areas over the next week. It has been very cold and some Winterkill was possible in the central and southern Great Plains as well as the Midwest. The most damage from the freezing temperatures was expected to be in Oklahoma. It has been mostly dry in these areas. The Great Plains should stay mostly dry but some big rains are forecast for the southern Midwest over the next few days. 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 above normal. Northern areas should see scattered showers. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 712, 697, and 688 May, with resistance at 750, 756, and 762 May. Trends in Kansas City are up with no objectives. Support is at 695, 674, and 664 May, with resistance at 720, 726, and 732 May. Trends in Minneapolis are up with no objectives. Support is at 720, 704, and 679 May, and resistance is at 752, 758, and 766 May.

RICE
General Comments: Rice was lower in all months and chart patterns look weak. Ideas of weakening demand hurt the nearby months. 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 about planted in Texas and in Louisiana. Mississippi and Arkansas are actively planting.
Overnight News: The Delta should get some big rains. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1267, 1264, and 1246 May. Support is at 1304, 1297, and 1290 May, with resistance at 1322, 1331, and 1545 May.

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