WHEAT
General Comments: Winter Wheat markets were lower in response to reports of weaker overseas prices, especially in the Black Sea area. Europe remains high priced due to drought in France, but improving yield reports in Russia have hurt prices in the Black Sea. Spring Wheat was developing under good growing conditions in both the US and Canada. Yield reports from the central and southern Great Plains have been variable, but generally a little better than expected. Soft Red Winter yields are high. Russian Winter Wheat yields have improved over time as harvesters move into areas that had better-growing conditions, but Spring Wheat yields are expected to be variable due to declining crop conditions in those growing areas. Australia remains in good condition. About half of the Argentine Wheat belt is too dry.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are up with objectives of 525 and 527 September. Support is at 497, 488, and 486 September, with resistance at 517, 529, and 534 September. Trends in Kansas City are up with objectives of 444 and 524 September. Support is at 426, 420, and 406 September, with resistance at 440, 455, and 464 September. Trends in Minneapolis are up with objectives of 522 September. Support is at 502, 495, and 492 September, and resistance is at 516, 520, and 531 September.

RICE
General Comments: Rice was fractionally lower after spending much of the session trading higher. The daily charts imply that higher prices are coming. Increased production is forecast for the coming year. The area is larger and the growing conditions are mostly good. The crops are called in good condition in Mississippi, Arkansas, and Missouri, but it has been dry in the mid-south. Texas and southern Louisiana field yield reports are strong. Export demand for the new crop Rice has been slow to develop as buyers wait for lower prices. Domestic demand has also been less. It looks like many buyers bought and hoarded Rice during the pandemic and are now full of supplies.
Overnight News: The Delta should get scattered showers. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed to up with objectives of 1190, 1200, and 1207 September. Support is at 1166, 1150, and 1146 September, with resistance at 1191, 1200, and 1207 September.

CORN AND OATS
General Comments: Corn was a little lower as the Pro Farmer crop tour made its way through the Midwest. The tour has hit South Dakota and Nebraska in the west and Ohio, Indiana, and eastern Illinois in the east and found good to very good crop potential. The western leg of the tour will spend its day in Iowa today and the eastern leg will spend about half the day in Iowa and the market expects to have a much better picture of the damage left by the Derecho last week. The derecho brought 100 mph winds to parts of Iowa and Illinois and flattened many Corn crops. Some of these crops will not recover. Some silos and other storage and processing facilities were damaged or destroyed. It is not known how much of the Corn can recover. Initial loss estimates are up to about 500 million bushels lost. Corn in surrounding areas looks good and USDA called for record yield potential in its reports last week. These ideas are now in doubt due to the derecho and the losses it caused.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 365 September. Support is at 325, 322, and 319 September, and resistance is at 335, 338, and 340 September. Trends in Oats are mixed to up with objectives of 283 and 305 September. Support is at 268, 265, and 264 September, and resistance is at 280, 281, and 290 September.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were slightly lower after trading on both sides of unchanged during the day. China was absent from the Soybeans market in the daily reporting system from USDA, but unknown destinations was a buyer of 130,000 tons of US Soybeans for the second day. China has become a much more active buyer of Soybeans here in the US and has promised to ramp up purchases in order to comply with commitments it made under the Phase One trade deal. Its commitments have been thrown into doubt by the continued political tensions between the two countries. Brazil prices are higher for the rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US for additional supplies. The US weather is considered mixed for Soybeans with cooler temperatures and some rain in the north, but dry conditions further to the south.
Overnight News: China bought 192,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with objectives of 914 September. Support is at 904, 898, and 888 September, and resistance is at 914, 920, and 923 September. Trends in Soybean Meal are up with no objectives. Support is at 294.00, 290.00, and 287.00 September, and resistance is at 299.00, 301.00, and 302.00 September. Trends in Soybean Oil are mixed. Support is at 3100, 3050, and 2980 September, with resistance at 3160, 3190, and 3220 September.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher this morning along with rallies this morning in Soybean Oil and Palm Oil in Dalian. Wire reports from Indonesia last week highlighted more than 8% less production and 7% esports from that country. Flooding and a lack of workers for the plantations have been the reasons to see less production in Malaysia. Palm Oil has been getting better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Canola closed a little higher on Chicago price action and despite a stronger Canadian Dollar. The strength in the Canadian Dollar is more about weakness in the US Dollar than anything going on in Canada. Crop conditions are mostly good and farmers have been selling old crop supplies. The weather has been warmer the past couple of weeks and most areas have seen rain.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 490.00 and 495.00 November. Support is at 485.00, 481.00, and 480.00 November, with resistance at 489.00, 491.00, and 492.00 November. Trends in Palm Oil are mixed. Support is at 2600, 2570, and 2530 November, with resistance at 2730, 2760, and 2790 November.