Grains Report - Wednesday, March 3

WHEAT

General CommentsWheat markets were higher and gained back most if not all of the downside price action from the previous day. Chart trends are mostly mixed again. Traders had been selling due to less demand but the market held support and bounced hard. The threat of Winterkill production losses in the western Great Plains now appears to be part of the price. Temperatures dropped below 0F in many areas and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold. However, it seems that the freeze is part of the price for now.

Overnight News: The southern Great Plains should get scattered to isolated showers. Temperatures should be on either side of normal. Northern areas should see mostly dry conditions. Temperatures will be near to above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average above normal.

Chart Analysis: Trends in Chicago are mixed. Support is at 646, 642, and 637 May, with resistance at 672, 680, and 688 May. Trends in Kansas City are mixed to down with objectives of 622 and 601 May. Support is at 616, 608, and 600 May, with resistance at 640, 645, and 652 May. Trends in Minneapolis are mixed to down with objectives of 623 and 601 May. Support is at 628, 625, and 620 May, and resistance is at 650, 659, and 662 May.

variety of assorted-color beans

Image Source: Unsplash

RICE  

General Comments: Rice was higher and tested recent resistance areas on the daily charts. Volumes traded were limited but the price action was strong. The cash market has not felt any increased demand lately and mill operations are reported to be on the slow side. Exports were moderate last week. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were mixed to from last week.

Overnight News: The Delta should get isolated showers. Temperatures should be below normal.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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