WHEAT
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.

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RICE
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.

CORN AND OATS
General Comments: Corn was lower as there weas no demand news to support the market. The South American weather is showing mixed trends. It has rained in Argentina and southern Brazil in the past week. Rains have left these areas and has moved north into central and southern Brazil. Meanwhile, it will turn warm and dry to the south and this is more consistent with La Nina. Drought could develop in southern Brazil and Argentina despite the rains last week as the overall weather patterns have been dry. Some more rain is in the forecast for this weekend and next week to keep conditions improved for now. The drought is especially serious in South America for the first Corn crop but the second crop could also be affected due to late planting in central and northern Brazil. Dry weather has delayed the Soybeans planting and that will delay the second Corn planting later. Farmers will not plant if it gets too late in the year as the rains will shut off before the crop gets mature.
Overnight News: Mexico bought 257,071 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 419, 414, and 409 March, and resistance is at 427, 430, and 436 March. Trends in Oats are up with objectives of 319 and 336 March. Support is at 315, 310, and 2305 March, and resistance is at 321, 324, and 327 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and the products closed lower on better rains in South America and the lack of Chinese demand for US Soybeans. China continues to buy in small amounts each day but has not appeared on the daily sales announcements in weeks. Production potential is being threatened in South America due to the lack of rainfall. The situation is most serious in central and northern Brazil, but has improved in southern Brazil and Argentina due to recent rains. These rains have moved to the north but more rains will be seen in the south by next week. Southern Brazil and Argentina will then turn warm and dry and this will be much more consistent with atypical La Nina pattern. The world will need very strong production from South America to meet the projected demand. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1143, 1138, and 1130 January, and resistance is at 1174, 1182, and 1190 January. Trends in Soybean Meal are down with objectives of 376.00 and 363.00 January. Support is at 376.00, 366.00, and 362.00 January, and resistance is at 385.00, 392.00, and 394.00 January. Trends in Soybean Oil are mixed. Support is at 3720, 3660, and 3640 January, with resistance at 3800, 3860, and 3900 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on weaker outside markets, especially petroleum futures. Futures were lower with competing vegetable oils as well today. Production of most vegetable oils in the world is less this year due to a lack of production of oilseeds. The production of Palm Oil is down, too, in both Malaysia and Indonesia. News that India had cut its import tariffs on Palm Oil supported the futures market as well as good demand is coming. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Canola were lower on the price action in Chicago and Malaysia and strength in the Canadian Dollar. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are sideways now in Canola. Demand for Canola has improved in recent weeks. Canola farmers have reduced selling by now so demand is chasing after fewer supplies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 576.00, 564.00, and 560.00 January, with resistance at 590.00, 599.00, and 601.00 January. Trends in Palm Oil are mixed to up with objectives of 3590 February. Support is at 3300, 3270, and 3240 February, with resistance at 3420, 3470, and 3500 February.