WHEAT
General Comments: Wheat markets were higher yesterday and trends are mixed. China has been a big buyer of US Wheat in the last couple of weeks and helped produce a big rally in the market. China has stopped buying for now and the market gave back about half the rally before finding its footing yesterday. Russia is still exporting and offering Wheat into the world market and is reporting that the crop is larger than originally thought. Ukraine and the EU countries are offering as well and are getting new business. Demand has been poor for US Wheat as Russia production looks strong, but exports are starting to increase.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 618 and 591 March. Support is at 605, 591 and 568 March, with resistance at 629, 653, and 670 March. Trends in Kansas City are mixed to down with objectives of 627 and 596 March. Support is at 630, 622, and 612 March, with resistance at 670, 677, and 682 March. Trends in Minneapolis are mixed. Support is at 710, 699, and 692 March, and resistance is at 749, 763, and 768 March.

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RICE
General Comments: Rice closed lower yesterday in range trading. Farmers appear quiet in the market and basis levels are reported to be steady. Short term trends are mixed in this market. Demand reports have been solid to strong for the last couple of weeks and have featured traditional buyers in Latin America and Asia.
Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1680, 1667, and 1640 January and resistance is at 1717, 1730, and 1746 January.

CORN AND OATS
General Comments: Corn closed a little higher in recovery trading. Oats were lower. Ideas of weak demand are keeping prices low over all, but the weekly export sales reports have shown good demand for the last several weeks. The market feels that there is more than enough Corn for any demand and are not buying futures despite the improve demand. It is still hot and dry in central and northern Brazil and in Argentina although some showers have been reported in Argentina and in central and northern Brazil. Southern Brazil is still much too wet.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 477, 471, and 468 March, and resistance is at 489, 493, and 496 March. Trends in Oats are mixed to down with no objectives. Support is at 336, 330, and 324 March, and resistance is at 370, 382, and 398 March.

SOYBEANS
General Comments: Soybeans and the products closed lower on some profit taking and despite less than expected rains in central and northern Brazil over the weekend and forecasts for reduced rains this week. World WASDE estimates showed decreased production for the current year in Brazil to 161 million tons and these estimates could fall in coming reports. Too much rain was reported for southern Brazil again. There are some forecasts for scattered showers and rains this week in central and northern Brazil and still very wet conditions in the south. The trade remains concerned about the weather forecasts for South America. Brazil remains mostly hot and dry in northern areas and too wet in southern areas. Argentina crops are reported o be in good condition with enough moisture. These weather trends are expected to continue after next week.
Overnight News: Unknown destinations bought 125,000 tons of US Soybeans
Chart Analysis: Trends in Soybeans are mixed. Support is at 1313, 1292, and 1270 January, and resistance is at 1344, 1352, and 1368 January. Trends in Soybean Meal are mixed. Support is at 403.00, 398.00, and 388.00 January, and resistance is at 418.00, 423.00, and 435.00 January. Trends in Soybean Oil are mixed. Support is at 4980, 4900, and 4820 January, with resistance at 5200, 5360, and 5420 January.

CANOLA AND PALM OIL
General Comments: Palm Oil held was lower today in response to weaker export news. .Palm Oil was lower along with weakness in Soybean Oil and on ideas of weaker demand for Palm Oil as the private sources reported improved demand for the month so far. Production was high in the MPOB reports but is expected to drop seasonally in future reports. Trends are sideways on the daily charts and are sideways on the weekly charts. Canola closed lower with Chicago Soybeans. Current forecasts call for very wet weather in southern Brazil and wetter weather in central and northern areas this week. The Canola crop is harvested and it is in bins, so it will take some price movement to get new farm sales. Trends are down on the daily charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 646.00, 642.00, and 636.00 January, with resistance at 678.00, 682.00, and 693.00 January. Trends in Palm Oil are mixed to down with objectives of 3680 February. Support is at 3690, 3640, and 3490 February, with resistance at 3780, 3860, and 3920 February.

Midwest Weather Forecast Mostly dry. Temperatures should average above normal.

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