Grains Report - Wednesday, Dec. 9

General Comments: Winter Wheat markets were a little lower in response to cheaper Corn futures and a lack of market-moving Wheat news. World prices have held steady with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward to keep world prices in check. US weather is mixed with still dry conditions in the western Great Plains but better conditions in the Midwest. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia's conditions are good after some rains. The demand has held well and world prices remain relatively high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought and also cold weather with little or no snow cover on the ground.
Overnight News: The southern Great Plains should get dry weather then scattered showers starting Thursday. Temperatures should be above normal. Northern areas should see mostly dry conditions or isolated showers. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are down with objectives of 565 and 531 March. Support is at 568, 566, and 558 March, with resistance at 580, 592, and 600 March. Trends in Kansas City are mixed to down with objectives of 514 and 474 March. Support is at 536, 533, and 531 March, with resistance at 545, 556, and 559 March. Trends in Minneapolis are mixed to down with objectives of 537 March. Support is at 543, 537, and 531 March, and resistance is at 553, 558, and 560 March.

selective focus photo of plant

Image Source: Unsplash

General Comments: Rice was a little higher in light volume trading. Trading reflected the lack of activity in the domestic cash market. Trading volumes have been less for the last couple of weeks. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over with good field yields and generally good quality reported.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1204, 1187, and 1175 January. Support is at 1221, 1220, and 1215 January, with resistance at 1240, 1246, and 1248 January.

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