Grains Report - Wednesday, June 24

WHEAT
General Comments: Winter Wheat markets were higher. Yield reports from the Great Plains have been variable, but generally a little better than expected. Spring Wheat was lower on ideas of good growing conditions and high crop ratings. Those ratings dropped this week in the weekly crop updates from USDA but are still very high. The Winter Wheat markets hold to bearish trends on the weekly charts. Spring Wheat markets show down trends as good conditions are also reported in much of Canada. 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. Russia could turn hot and dry starting this week but soil moisture is good for now. Australia remains in good condition. Prices usually move lower and remain down through the harvest.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see scattered showers. Temperatures will average near to above normal. The Canadian Prairies should see scattered showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are down with objectives of 471 July. Support is at 476, 470, and 464 July, with resistance at 494, 498, and 507 July. Trends in Kansas City are mixed. Support is at 426, 422, and 416 July, with resistance at 439, 441, and 450 July. Trends in Minneapolis are mixed to down with objectives of 507 and 497 July. Support is at 511, 502, and 497 July, and resistance is at 520, 528, and 530 July.

RICE
General Comments: Rice was higher on speculative buying. USDA showed about average progress and good condition in its reports this week. The combination of good export buying in general and the buying inside the US due to the Coronavirus has made the market short old crop Rice. This appears to be factored into the price as there are ideas that the mills are well covered into new crop, but little Rice is available from producers. The crops that got planted are in very good condition in the south and near the Gulf Coast but planting was more problematic in parts of Mississippi, Arkansas, and Missouri. Ideas are that the long grain got planted and producers did not plant medium grain if some prevent planting was needed.
Overnight News: The Delta should get scattered showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed to down with objectives of 1241 and 1051 July. Support is at 1390, 1366, and 1345 July, with resistance at 1457, 1540, and 1573 July.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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