WHEAT
General Comments: Wheat markets were lower on what appeared to be new selling from speculators. Trends are mixed on the daily charts. Ideas that big Russian offers and cheaper Russian prices would be a feature for a while in the world market was the driving force for the weaker prices. Ideas are that both Australia and Russia are harvesting record to near record Wheat crops this year. The demand for US Wheat in international markets has been a disappointment all year and has been hindered by low prices and aggressive offers from Russia.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see a lot of snow. Temperatures will average below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 690, 681, and 675 May, with resistance at 712, 724, and 728 May. Trends in Kansas City are mixed. Support is at 864, 853, and 843 May, with resistance at 888, 896, and 898 May. Trends in Minneapolis are mixed to up with objectives of 910 and 938 May. Support is at 882, 871, and 860 March, and resistance is at 899, 910, and 913 May.

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RICE
General Comments: Rice was much lower again yesterday. Trends are down on the May charts. The weekly export sales report last week showed weaker demand. Demand has been good from domestic sources and offers seem hard to find right now. Export demand has been uneven and was low last week. Export demand has been an issue for the market all year. Mills are milling for the domestic market in Arkansas and are bidding for some Rice. Markets from Texas to Mississippi are called quiet. Demand in general has been slow to moderate for Rice for exports. Planting remains active in Texas and southern Louisiana with field conditions called very good in Louisiana and too dry in parts of Texas.
Overnight News: The Delta should get scattered showers. Temperatures should be above normal.
Chart Analysis: Trends are down with objectives of 1568 May. Support is at 1669, 1665, and 1625 May and resistance is at 1733, 1744, and 1749 May.

CORN AND OATS
General Comments: Corn closed lower yesterday on reports of increased selling of cash gain by American farmers. Oats were lower and trends are down in this market. US prices are currently very competitive with those from South America as Brazil concentrates on Soybeans exports and not Corn and US demand has improved because of the price differentials and the lack of a Brazil offer into the market. This trend should continue for the next few months if not longer. Prices from South America should now remain strong as countries there concentrate on Soybeans exports and not Corn. Safrinha Corn planting in Brazil is delayed. These delays continue, but the harvest of Soybeans and the planting of Corn is now progressing well. NOAA is forecasting that La Nina will develop this Summer and replace El Nino. US growing conditions are usually good when this happens. However, it is very wet now and some early planting has been delayed.
Overnight News: Unknown destinations bought 125,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 647, 643, and 638 May, and resistance is at 656, 668, and 672 May. Trends in Oats are down with objectives of 317 May. Support is at 336, 333, and 328 May, and resistance is at 345, 353, and 360 May.

SOYBEANS
General Comments: Soybeans and the products were lower. Reports from Brazil show that basis levels there are under pressure due to the large crop being harvested now. The basis might get higher later in the marketing period as total South American production is probably about the same as last year. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be wiped out by the losses in Argentina. Argentina has been forced to import from Brazil to keeps its crushing facilities operating. Soybeans export demand is flowing to Brazil now. It remains hot but rains are reported in Argentina and crop conditions are getting stable. Forecasts from NOAA for very good growing conditions in the Midwest were also a factor, but there is too much rain in most growing areas right now.
Overnight News: Unknown destinations bought 276,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with no objectives. Support is at 1497, 1488 and 1483 May, and resistance is at 1528, 1532, and 1544 May. Trends in Soybean Meal are mixed. Support is at 453.00, 447.00, and 435.00 May, and resistance is at 475.00, 485.00, and 490.00 May. Trends in Soybean Oil are mixed. Support is at 5500, 5390, and 5130 May, with resistance at 5810, 5980, and 6050 May.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher again today on follow through buying tied to the OPEC news.. Trends turned up with the higher close yesterday on news that OPEC was cutting oil production again. There are ideas are that prices can remain elevated due to bad weather in Malaysia but demand remains weaker than hoped for from India and China. Canola was lower on weakness in competing markets and forecasts for warmer weather to show up in the Prairies that could start to allow for fieldwork to start. Brazil is expected to dominate the oilseeds market for the next few months. Reports indicate that domestic demand has been strong due to favorable crush margins.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with no objectives. Support is at 763.00, 745.00, and 733.00 May, with resistance at 789.00, 798.00, and 803.00 May. Trends in Palm Oil are up with objectives of 3970 June. Support is at 3890, 3830, and 3800 June, with resistance at 3980, 4050, and 4170 June.

Midwest Weather Forecast: Showers and storms developing. Temperatures should average near to above normal.

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Grains Report - Thursday, March 30
Softs Report - Wednesday, March 29