WHEAT
General Comments: Wheat markets were mostly a little lower with only nearby months in SRW markets a little higher. Minneapolis markets were the weakest on improved growing conditions in the northern Great Plains and the Canadian Prairies. The Winter Wheat markets hold to bearish trends on the weekly charts. Spring Wheat markets show more mixed trends but the US and Canadian crops are getting planted and are reported to be in mostly good condition according to USDA. The harvest has started in the central and southern Great Plains with variable yields reported because of freeze damage and then stress from hot and dry weather. It remains dry in the western sections of the Great Plains but this will aid harvest progress now. Better rains are reported in Europe and Russia but Russia has turned hot and dry again. Australia remains in good condition. Competition for sales is expected to be tough even with less in the US and Europe as Australia is coming back after years of drought and as Russia has better weather and improved production prospects. The harvest is coming and prices usually remain down through the harvest.
Overnight News: The southern Great Plains should get dry conditions. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 496, 492, and 489 July. Support is at 501, 496, and 494 July, with resistance at 513, 515, and 522 July. Trends in Kansas City are mixed. Support is at 454, 441, and 439 July, with resistance at 466, 473, and 477 July. Trends in Minneapolis are mixed. Support is at 516, 514, and 504 July, and resistance is at 526, 528, and 530 July.

RICE
General Comments: Rice was higher in new crop months and limit down for one more day in old crop July. The funds were forced to sell July and found very little buying interest, but July did trade yesterday and came off its limit during the night session. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short Rice. There are ideas that the mills are well covered into new crop, but little Rice is available from producers. Most of the unsold Rice is in Arkansas. The crops are in very good condition in the south and near the Gulf Coast but planting has been problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain will get planted and producers will not plant medium grain if some prevent planting is needed. There are still ideas that the US will have a much bigger crop to harvest this Fall.
Overnight News: The Delta should get scattered showers and storms today from Cristobal. Temperatures should be generally above normal.
Chart Analysis: Trends are down with no objectives. Support is at 1596, 1584, and 1572 July, with resistance at 1620, 1632, and 1644 July.

CORN AND OATS
General Comments: Corn was a little lower in consolidation trading. A seasonal rally has been underway with the crops planted and nothing else going on to drive prices lower. This rally can last another week or two as the market waits to see longer range forecasts covering Corn pollination in July, but current good crop condition suggests that any rally will be very shallow. Meats processors are back and at nearly 100% of capacity kill rates in their plants. The backlog of Cattle and Hogs will slowly disappear under this scenario and meats wholesale and retail prices will continue to fall. Ethanol demand is also improving as lockdown orders are lifted in most states and in Europe. Demand for gasoline and ethanol has gotten a little stronger and should continue to improve over time. Export demand is becoming more difficult with US prices quoted above those in Argentina and are close to those in Ukraine.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 346 July. Support is at 324, 321, and 318 July, and resistance is at 331, 335, and 340 July. Trends in Oats are down with objectives of 293 July. Support is at 305, 300, and 295 July, and resistance is at 321, 323, and 331 July.

SOYBEANS AND PRODUCTS
General Comments: Soybeans were lower despite rumors of new Chinese demand. China might have bought a couple of cargoes of new crop Soybeans earlier this week but USDA has not yet confirmed the sale. There are still concerns out there as to how much China will buy from the US due to the war of words between the countries and the fact that they have been buying a lot of Soybeans in Brazil. The Chinese moves to clamp down on Hong Kong dissent was going to be a big negative for the market as the political situation between the US and China has deteriorated. China has remained a very active buyer in South America even as it has increased Soybeans buying here in the US, so the overall amount taken from the US might not match the hopes of the trade. Brazil prices have been creeping higher for the rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US and Argentina for additional supplies. Argentine prices are below those from the US but the logistics of moving the Soybeans through the ports remain poor due to low water levels on the Parana River.
Overnight News: USDA said that China bought 720,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 879, 883, and 889 July. Support is at 857, 852, and 846 July, and resistance is at 873, 877, and 881 July. Trends in Soybean Meal are up with objectives of 292.00 and 298.00 July. Support is at 286.00, 282.00, and 280.00 July, and resistance is at 292.00, 294.00, and 296.00 July. Trends in Soybean Oil are mixed to up with objectives of 2840 and 3020 July. Support is at 2780, 2750, and 2720 July, with resistance at 2840, 2860, and 2960 July.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher on solid demand. Palm Oil has been hoping for better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. A government change in Malaysia helped open the Indian market to Malaysian imports again. Southern Malaysia producers reported a sharp drop in production and there are ideas that all of Malaysia will come in below previous months. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Canola was a little higher. Canola was higher despite improved growing conditions in the Canadian Prairies. The weather in the Prairies is mixed with Manitoba and Saskatchewan reporting good crops but Alberta noting that it is still too wet to plant in the Peace River area.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 463.00, 461.00, and 459.00 July, with resistance at 470.00, 472.00, and 474.00 July. Trends in Palm Oil are mixed. Support is at 2330, 2300, and 2280 August, with resistance at 2420, 2510, and 2590 August.