WHEAT
General Comments: Winter Wheat markets were higher yesterday as the weather in the northern Great Plains and Canadian Prairies remains bad for production and on better demand ideas. The market is also hearing about too wet weather in China and Europe and dry conditions in southern Russia and Kazakhstan. It has been very cold in South America and the winter crops are in trouble in Brazil and Paraguay. The bad weather is coming back as hot and dry conditions are in the forecast for the northern Great Plains and the Canadian Prairies for the next couple of weeks. White Winter Wheat production is also being hurt as both have been impacted by drought and heat this year. Yield reports have generally been good in Winter Wheat areas but there have been mixed results reported in some Great Plains states. Quality has been generally good. Europe has had too much rain and Russia and Kazakhstan have had too little. Kazakhstan has moved to limit Wheat exports for this year. World prices are expected to bottom soon and start to move higher, supporting Wheat futures markets in the US.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see mostly isolated showers. Temperatures will be above normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are up with no objectives. Support is at 694, 676, and 658 September, with resistance at 724, 748, and 767 September. Trends in Kansas City are mixed to up with objectives of 681 September. Support is at 645, 638, and 619 September, with resistance at 686, 692, and 700 September. Trends in Minneapolis are up with no objectives. Support is at 897, 859, and 849 September, and resistance is at 948, 954, and 960 September.

Photo by Sandy Ravaloniaina on Unsplash

RICE
General Comments: Rice closed higher yesterday and mostly recovered the losses from Monday. It was a return to the fundamentals of Rice as the market expects smaller production this year due to reduced planted area and some weather extremes seen through the growing season to date. Growing conditions have been mixed at best with many areas getting too much rain. Rice areas have generally been wet. Louisiana and parts of Mississippi were saturated and are still reported to be wetter than desired for strong production and good quality. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. However, it is still very wet in Arkansas. Texas has also been wet. Export demand was disappointing in the weekly sales report last week and Asian prices are trending lower.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1302, 1298, and 1295 September, with resistance at 1321, 1334, and 1340 September.

CORN AND OATS
General Comments: Corn was higher as Crude Oil rallied and production concerns returned to the forefront. Northern and western Midwest areas and the northern Great Plains are turning hot and dry again. The growing conditions in the US are highly variable and not likely to produce trend line yields. Traders are reducing yield estimates from the USDA report of 179.5 bushels per acre to more like 174 bushels per acre and ideas are that more adverse weather could drive yields lower. No one is talking much about increasing yield estimates right now. Ideas are that Brazil Corn production will be less than 90 million tons so reduced production estimates are expected in coming reports. Oats were higher once again. Canadian Oats areas look to get some rain in the next couple of weeks, but US areas showed mixed conditions in the weekly USDA updates. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 584, 599, and 607 September.. Support is at 549, 546, and 540 September, and resistance is at 579, 588, and 598 September. Trends in Oats are mixed to up with objectives of 463 and 483 September. Support is at 440, 424, and 403 September, and resistance is at 452, 458, and 464 September.

SOYBEANS
General Comments: Soybeans and the products moved higher on production concerns as the US weather forecast returned to the forefront. There are many areas that do not have good Soybeans in the US. Soybeans conditions in central production area are often too wet and have suffered. The weather forecasts changed to wetter and cooler and the crop needs dry conditions and some heat. Minnesota and northern Iowa and the Dakotas have been very hot and dry but Iowa got very beneficial rain last week. Forecasts call for warmer weather this week in the Midwest and northern Great Plains, and it should generally be dry. Warmer and drier outlooks are offered through at least the end of this month. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1530 August. Support is at 1425, 1418, and 1408 August, and resistance is at 1480, 1492, and 1504 August. Trends in Soybean Meal are mixed. Support is at 358.00, 351.00, and 347.00 August, and resistance is at 371.00, 375.00, and 379.00 August. Trends in Soybean Oil mixed to are up with objectives of 7090 August. Support is at 6600, 6380, and 6180 August, with resistance at 6820, 6970, and 703

CANOLA AND PALM OIL
General Comments: Palm Oil futures were lower on weaker export data for the month to date from the private surveyors. Trends are still up on the daily charts. The private surveyors showed more demand for last month in reports issued last week and ideas are that the stronger demand can continue as India has cut its import taxes. Canola closed higher in recovery trading. Trends are still up and weather concerns continue strong. It remains generally dry and is turning warmer in the Prairies. The showers last week have a chance to be very beneficial as the Prairies crops are in big trouble now due to previous hot and dry weather. Demand has improved.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 872.00, 856.00, and 844.00 November, with resistance at 932.00, 949.00, and 955.00 November. Trends in Palm Oil are up with objectives of 4340 October. Support is at 4120, 4000, and 3960 October, with resistance at 41220, 4280, and 4340 October.