WHEAT
General Comments: Winter Wheat markets were lower as the focus remained on Russia and its offer to allow ships into Ukrainian ports to take grain. It is also harvest time in the US and prices normally move down at this time no matter how poor the harvest is. This will be a poor harvest but the weak demand and cheaper offers into the world market from Russia are helping to keep futures on the defensive. Russia bombed Kiev and another port in Ukraine over the weekend so no one thinks that a solution to the crisis is coming anytime soon now. The UN said negotiations are making progress but there was still a long way to go before any deal could be concluded. USDA noted mostly stable conditions for the Winter Wheat crops yesterday as the harvest is underway but noted Spring Wheat planting remained far behind average. Minneapolis Spring Wheat futures weather remained bad for planting in the northern Great Plains and the Canadian Prairies although it was drier over the weekend. Europe is too hot and dry and India and Pakistan both got major heat waves and dry conditions although it is cooler now.
Overnight News: The southern Great Plains should get isolated to scattered showers. Temperatures should average near to below normal. Northern areas should see isolated to scattered showers. Temperatures will average below normal. The Canadian Prairies should see isolated showers in eastern areas. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 1059, 1037, and 1027 July, with resistance at 1108, 1115, and 1134 July. Trends in Kansas City are mixed. Support is at 1136, 1119, and 1113 July, with resistance at 1185, 1192, and 1213 July. Trends in Minneapolis are mixed. Support is at 1214, 1190, and 1180 July, and resistance is at 1248, 1256, and 1288 July.

RICE
General Comments: Rice was lower yesterday and gave back part of the Monday rally. Trends are mixed in the market. Growing conditions in US areas continue to be good. There are still ideas of less production of US Rice this year but the good conditions are starting to limit loss ideas. The planting pace is catching up to normal, but acreage estimates are still down for the next crop. Some traders note that it will be difficult to move Rice at current price levels and they are worried about domestic and export demand moving forward.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1677, 1672, and 1661 July and resistance is at 1741, 1764, and 1782 July.

Photo by Maddi Bazzocco on Unsplash

CORN AND OATS
General Comments: Corn was higher and Oats were lower yesterday as the US crops got into the ground and emerged under what was considered very good conditions by USDA. However, there could be more than 2.0 million acres of unplanted Corn ground this year in the Dakotas and into western Minnesota. The market reacted positively to the good progress and condition and a bullish reaction to bearish news is often a sign that higher prices are coming in the short term. The government in Russia said again that it was willing to discuss terms with the west for shipments of Ukraine grain to get safe passage, but ideas are that the terms Russia will ask for will be so onerous that they will be rejected. The UN said it is negotiating with Russia and progress is being made but that any deal was still far away. USDA noted that the areas left to be planted are primarily in the Dakotas and might not get planted as the insurance planting dates have passed. The risk to plant now would be much higher without the insurance and the high costs of inputs. There are also pockets of area left to be planted in the big production states. The weather will be variable this week with periods of rain and very cool temperatures and then warm and dry. Many think the top end of the yield has been taken off the Corn crop due to the delayed planting. It already thinks there is reduced planted area because of the March planning intentions reports from USDA and the bad planting weather.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 736, 726, and 721 July, and resistance is at 772, 780, and 787 July. Trends in Oats are mixed. Support is at 663, 644, and 625 July, and resistance is at 708, 709, and 716 July.

SOYBEANS
General Comments: Soybeans and the products were higher as the US cash market runs low on Soybeans and farmers are reluctant sellers. There is less Chinese demand for Soy products due to the lockdowns there although China is trying to lift the lockdowns. Soybean Oil is not going to restaurants as quickly as in the past due to Covid lockdowns and Meal demand is down as well as less meat is being produced for the same reason. There are still fears of a cooling economy in China. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America. They are buying for this year and already have booked a large amount of new crop Soybeans to cover future needs. Most of the current buying is for next year.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1690, 1674, and 1665 July, and resistance is at 1741, 1749, and 1768 July. Trends in Soybean Meal are down with objectives of 408.00 and 390.00 July. Support is at 404.00, 395.00, and 393.00 July, and resistance is at 420.00 426.00, and 429.00 July. Trends in Soybean Oil are mixed to up with objectives of 8500, and 8680 July. Support is at 8030, 7650, and 7500 July, with resistance at 8270, 8460, and 8680 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher on ideas of less Malaysian production due to worker shortages from Covid and on the potential for strong exports for the month from Malaysia. The market was closed today for a holiday. The Indonesian government is now imposing a domestic reserve on exporters to limit export sales. Some analysts think Palm Oil is topping out anyway due to reduced demand ideas. Hopes for better demand from India keep the market supported, but Chinese demand could be less. A new Covid outbreak is reported in China and cities and infrastructure has been shut down, including some airports and water ports. The economy could slow down and affect demand. Production from Malaysia is expected to increase as well as the Covid lockdowns finally go away and as the weather is good for production. Canola was lower yesterday on demand concerns and a stronger Canadian Dollar as planting progress has been slow in the Prairies. The crops are going in the ground and the growing conditions are much improved. StatsCan said that Canadian farmers intend to reduce planted area for Canola this year and use the area to plant Wheat instead.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 1102.00, 1092.00, and 1083.00 July, with resistance at 1144.00, 1173.00, and 1195.00 July. Trends in Palm Oil are mixed. Support is at 6200, 6030, and 5840 September, with resistance at 6450, 6640, and 6760 September.