WHEAT
General Comments: Wheat markets were higher yesterday in all three markets in recovery trading. EUI offers were unchanged to help keep US offers from falling. Russian and Ukraine offers are stable, but EU offers are turning lower this week. Some support came from the bombings in the Red Sea that has interrupted commerce. It is turning warmer in the US and Canada week this week and some showers are in the forecast for late this week. Black Sea offers are still plentiful and Russian prices appear to be stable. Ukraine said that it is having trouble with shipping as much of the Wheat is shipped through the Red Sea due to the Houthi bombing of ships there. Demand has been poor for US Wheat as Russia production looks strong.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be much below normal. Northern areas should see mostly dry conditions. Temperatures will average much below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average much below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 585, 576, and 568 March, with resistance at 607, 613, and 622 March. Trends in Kansas City are mixed. Support is at 607, 601, and 587 March, with resistance at 641, 647, and 655 March. Trends in Minneapolis are mixed. Support is at 690, 679, and 674 March, and resistance is at 713, 720, and 729 March.

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RICE
General Comments: Rice closed higher again yesterday on follow-through buying from the rally that started late last week. Futures made it above 1800 March and finally closed above that level that level. The charts show that futures have broken out of the trading range and could rally more this week. The weekly export sales report showed poor demand in response to the rally. Warmer and wetter weather is expected this week on the Delta and Texas.
Overnight News:
Chart Analysis: Trends are up with objectives of 1876 March. Support is at 1801, 1787, and 1774 March and resistance is at 1852, 1864, and 1876 March.

CORN AND OATS
General Comments: Corn closed higher yesterday in recovery trading. Trends turned mixed with the price action of yesterday. The weather forecasts for Argentina are improving with more showers expected next week. On the other hand, more rain is forecast for central and northern Brazil and the Soybeans harvest could be delayed and that could mean less Corn planted area Soybean quality could be reduced as well. Oats were higher in range trading. The market anticipates increased selling from US producers, but many have sold enough, and elevators and processors are reported to be full. Producers are looking for higher prices now as crops are in the bin for the Winter. Ideas of weak demand are keeping prices low. The market feels that there is more than enough Corn for any demand.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 440, 437, and 435 March, and resistance is at 448, 452, and 456 March. Trends in Oats are mixed. Support is at 368, 361, and 350 March, and resistance is at 385, 393, and 402 March.

SOYBEANS
General Comments: Soybeans and the products were higher in recovery trading. Rains are now in the forecast instead of hot and dry weather developing for a longer term stay. Such rains would be beneficial for reproducing Corn and Soybeans. The precipitation keeps falling in Brazil and is expected to continue through this week. The rains could be detrimental to the quality of Soybeans and the planting dates for Winter Corn. Soybean Meal remains weak on increasing confidence that Argentina will return as a major exporter and as US crushers are crushing for oil and have a lot of extra meal available. Support also came from reports of reduced Brazil production. The trade remains concerned about the weather forecasts for South America but is holding to ideas of production over 150 million tons. However, there are more estimates that production is below 150 million tons and in some cases much below that level as yield reports from Mato Grosso have been poor and less than expected by analysts. Wire reports indicate that Chinese hog herds have been cut significantly and much less Soybean Meal demand is expected from that sector. Soybeans imports requirements could be 20% less as a result. China continues to source more Soybeans from Brazil than the US.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1201, 1188, and 1180 March, and resistance is at 1228, 1235, and 1246 March. Trends in Soybean Meal are mixed. Support is at 352.00, 346.00, and 344.00 March, and resistance is at 366.00, 370.00, and 373.00 March. Trends in Soybean Oil are mixed to down with objectives of 4500 March. Support is at 4520, 4460, a6nd 4400 March, with resistance at 4710, 4790, and 4860 March.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower on weak export data from the private sources. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are turning up on the daily charts and on the weekly charts as futures are once again testing important resistance areas on the weekly charts. Canola was higher on price action in Chicago. There are still forecasts for better rains in Argentina and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil 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 mixed on the daily and weekly charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 599.00, 592.00, and 586.00 March, with resistance at 625.00, 640.00, and 646.00 March. Trends in Palm Oil are mixed. Support is at 3790, 3720, and 3680 April, with resistance at 3900, 3950, and 3990 April.

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