WHEAT
General Comments: All three Wheat markets closed higher and above the previous day’s highs as growing and harvesting conditions at home and abroad have improved. There are still reports that the weather has reduced production potential in Ukraine and Russia and reports of recent dry weather in some parts of the EU and China was a concern, but there has been rains in these areas recently. Russia is forecasting a large reduction in Wheat production for the coming year. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada had been dry. Conditions in the US are now generally good.
Chart Analysis: Trends in Chicago are mixed Support is at 520, 514 and 508 July, with resistance at 557, 561, and 569 July. Trends in Kansas City are mixed. Support is at 514, 508, and 502 July, with resistance at 557, 563, and 574 July. Trends in Minneapolis are up. Support is at 608, 596, and 590 July, and resistance is at 640, 645, and 659 July.

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RICE
General Comments: Rice was higher yesterday in recovery trading. Chart trends are mixed on the daily charts. The cash market has been slow with mostly quiet domestic markets and average export demand. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice has emerged in most growing areas now. Condition has been rated as good but too much rain has been reported in southern areas.

Chart Analysis: Trends are mixed. Support is at 1315, 1282, and 1261 July and resistance is at 1380, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was mostly higher yesterday. But July was lower as forecasts turn3d hot and dry for at least a few days in the Midwest. Warmer and drier weather is in the forecast through this weekend. Warm weather returns in the forecasts for next week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. The rest of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong. Oats were lower.
Chart Analysis: Trends in Corn are mixed. Support is at 428, 425, and 422 July, and resistance is at 456, 465, and 470 July. Trends in Oats are mixed. Support is at 370, 367, and 364 July, and resistance is at 390, 396, and 402 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher yesterday, but Soybean Oil was lower as profit taking took hold after a couple of days of sharp gains. Forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard, but the Midwest has turned hot for the next few days or longer. The market could remain under pressure as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America.
Analysis: Trends in Soybeans are mixed. Support is at 1046, 1043, and 1033 July, and resistance is at 1079, 1082, and 1105 July. Trends in Soybean Meal are down. Support is at 281.00, 278.00, and 275.00 July, and resistance is at 290.00, 295.00, and 300.00 July. Trends in Soybean Oil are up. Support is at 5260, 5220, and 5060 July, with resistance at 5580, 5700, and 5820 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on stronger prices in competing oils. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing production and reduced demand are also heard. Canola was higher again along with the price action in Chicago. Trends are up on the daily charts and are turning up on the weekly charts. The weather has generally been dry for planting and crop development in the Prairies with warm and dry weather around lately.
Chart Analysis: Trends in Canola are up. Support is at 680.00, 662.00, and 649.00 July, with resistance at 749.00, 753.00, and 759.00 July. Trends in Palm Oil are up. Support is at 4030, 3980, and 3960 September, with resistance at 4120, 4210, and 4310 September.

Midwest Weather Forecast Isolated to scattered showers. Temperatures should average above normal.

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