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WHEAT 

General Comments: All three markets closed lower again yesterday, with dry outlooks for the Great Plains and Black Sea region the main feature but with rains in the forecast for the Great Plains this weekend.  The amounts and coverage of the new system does not look very impressive.  It is very dry in both areas although Kansas got a minimal amount of rain last week.  Growing conditions are dry around the world and in the US Great Plains and Winter Wheat crops are emerging from dormancy.  Overall demand has been weak so the lack of rain hurting production potential is about to be important.  The trade is also worried about the potential for tariffs to be imposed in early April and the counter tariffs that would come back to the US agriculture.  In addition, there are the stocks of grin in all positions report and the planting intentions report coming Monday to help keep trading subdued.  Wheat stocks are estimated at about 1.2 billion bushels.  Planted area is estimated by the trade at 46.5 million acres for All Wheat.

Chart Analysis:  Trends in Chicago are mixed.  Support is at 530, 524, and 518 May, with resistance at 553, 563, and 575 May.  Trends in Kansas City are mixed to down. Support is at 566, 561, and 547 May, with resistance at 583, 598, and 604 May. Trends in Minneapolis are down.  Support is at 585, 576, and 570 May, and resistance is at 600, 610, and 626 May.

RICE 

General Comments: Rice closed lower yesterday, with trading slow before the USDA stocks in all positions report and the prospective plantings report coming on Monday.  There was more concern about the tariffs scheduled to be imposed in early April.  Prices remain cheap, but could develop into a trading range, and could threaten the planted area as it will cost more to produce Rice than it is getting in the market right now.  Export sales have not been strong, and domestic demand is there but is not strong enough right now to bid prices any higher.  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 planted area is forecast to be near 2.7 million acres.

Chart Analysis: Trends are mixed to down.  Support is at 1296, 1284 and 1272 May and resistance is at 1393, 1416, and 1427 May.

CORN AND OATS

General Comments: Corn closed lower yesterday as traders started to prepare for the coming USDA stocks in all positions report and planting intentions report.  There was renewed talk that tariffs could damage agricultural exports starting in early April when the reciprocal tariffs will be announced.  President Trump has announced that new tariffs are being imposed for all countries on a reciprocal basis starting in April.  The tariffs have become an off again on again feature of the government and no one knows what to do at this time.  It is dry in growing areas in western US, but most of the Midwest has had light precipitation lately.  Mostly dry weather is likely this week.  Traders expect USDA to estimate planting intentions at near or above 94 million acres this season.  Stocks could be near 8.1 billion bushels.  Oats were lower.

Chart Analysis:  Trends in Corn are mixed.  Support is at 455, 442, and 434 May, and resistance is at 470, 477, and 484 May.  Trends in Oats are mixed.  Support is at 364, 359, and 351 May, and resistance is at 377, 3895, and 389 May.

SOYBEANS

General Comments:  Soybeans and Soybean Meal closed mixed yesterday, but Soybean Oil closed higher as it bounced one more day from recent lows.  Traders were getting ready for the USDA stocks in all positions report and the planting intentions report, with both due to be released on Monday.  There was also increasing talk of new tariffs coming in early April and the damage they could do to US agriculture.  South American production looks strong although slightly less than previous estimates, with Brazil expected to produce 170 million tons and Argentina producing 49 million tons or a little less.  Consumer confidence is down and there are increasing worries that the US could be headed into a recession that could hurt domestic demand.  The fundamentals remain mixed as cash markets are stronger in South America.  The Soybeans harvest there is estimated to be more than 75% done.  Soybeans planted area is estimated by the trade at 83.8 million acres and stocks in all positions are estimated at about 1.9 billion bushels.

Analysis:  Trends in Soybeans are mixed to down  Support is at 990, 980 and 955 May, and resistance is at 1021, 1041, and 1051 May.  Trends in Soybean Meal are mixed to down.  Support is at 291.00, 285.00, and 280.00 May, and resistance is at 310.00, 315.00, and 319.00 May.  Trends in Soybean Oil are down.  Support is at 4110, 4080, and 3990 May, with resistance at 4290, 4450, and 4460 May.

PALM OIL AND CANOLA

General Comments: Palm Oil futures were higher on ideas that export demand could improve due to the Trump tariff wars.  There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things.  Demand has not been good so far this month and was weaker than expected for February.  Chart trends are mixed.  Canola was higher yesterday and continued to move away from the extreme lows set when China imposed tariffs on Canola and products a couple of weeks ago.  The demand outlook is uncertain with the threat of US tariffs being imposed in early April.

Chart Analysis: Trends in Canola are mixed.  Support is at 575.00, 563.00, and 557.00 May, with resistance at 587.00, 590.00, and 600.00 May.  Trends in Palm Oil are up.  Support is at 4300, 4220, and 4140 June, with resistance at 4370, 4500, and 4550 June.

Midwest Weather Forecast:  Mostly dry.  Temperatures should average near to below normal.

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