Grains Report - Wednesday, Aug. 19

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.

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.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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