WHEAT
General Comments: Wheat was lower yesterday. Big world supplies and low world prices are still around. Russian export prices were reported at a new low yesterday. Export sales remain weak on competition from Rusia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. EU offers were lower. Russian and Ukraine's offers are weaker. Some support came from the bombings in the Red Sea that has interrupted commerce. It is warm in the US and Canada this week. Black Sea offers are still plentiful and Russian prices are still weakening.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 552, 542, and 540 May, with resistance at 572, 589, and 594 May. Trends in Kansas City are nixed. Support is at 558, 552, and 546 May, with resistance at 576, 597, and 608 May. Trends in Minneapolis are mixed. Support is at 641, 635, and 629 May, and resistance is at 660, 668, and 672 May.

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RICE
General Comments: Rice closed lower again yesterday and the trends are trying to turn down on the daily parts. The overseas markets feature less production in Brazil and India and it appears that the lack of offer from these markets is supporting increased demand for US Rice and prices here in the US. Warmer and wetter weather is expected this week and next on the Delta and Texas and soil moisture conditions for the next crop should improve.
Overnight News:
Chart Analysis: Trends are mixed. To down with no objectives. Support is at 1810, 1795, and 1773 May and resistance is at 1845, 1877, and 1907 May.

CORN AND OATS
General Comments: Corn and Oats were lower yesterday, but trends are still trying to turn up on the daily chart. Big supplies and reports of limited demand are still around, but futures have been very oversold. Futures are much lower than just a few months ago and a short covering rally is increasingly expected but has not come yet. Funds remain very large shorts in the market. Basis levels have started to firm in the US as processors look for supplies amid tight farmer holding patterns. The weather forecasts for Argentina are improving with more showers and rains expected this week. More rain is forecast for central and northern Brazil The planting progress reports to date indicate rapid progress. The market anticipates increased selling from US producers but this has not really shown up due to the extremely low prices so far. China has bought about 10 cargoes of Corn from Ukraine in the last week or so.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 422, 409, and 406 May, and resistance is at 434, 441, and 446 May. Trends in Oats are mixed. Support is at 358, 349, and 344 May, and resistance is at 376, 379, and 381 May.

SOYBEANS
General Comments: Soybeans and the products closed a little lower yesterday in correction trading despite reports of stronger basis levels in Brazil. Report indicate that China has been a very active buyer of Brazil Soybeans in the last week. Ideas that South American production is taking demand from the US have pressured futures lower. Funds remain very large shorts in the market. Basis levels in the country are reported to be firming as processors look for supplies and farmers remain tight holders. Rains are in the forecast after the extreme weather seen over the next week in Argentina. Such rains would be beneficial for reproducing Corn and Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1148, 1128, and 1122 May, and resistance is at 1166, 1180, and 1192 May. Trends in Soybean Meal are mixed. Support is at 330.00, 327.00, and 320.00 May, and resistance is at 334.00, 338.00, and 345.00 May. Trends in Soybean Oil are mixed. Support is at 4420, 4360, a6nd 4300 May, with resistance at 4620, 4680, and 4750 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday on production problems in Southeast Asia but as the export pace is below expectations. Ideas of weaker production ideas against good demand still support the market overall. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are mixed on the daily charts and on the weekly charts. Canola was higher with Chicago. There are still forecasts for better rains in Argentina after a dry spell ends in a week or so and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 585.00, 576.00, and 570.00 May, with resistance at 598.00, 605.00, and 610.00 May. Trends in Palm Oil are mixed to up with objectives of 3980 and 4090 May. Support is at 3910, 3870, and 3810 May, with resistance at 4030, 4060, and 4090 May.

Midwest Weather Forecast Mostly dry conditions. Temperatures should average near to above normal.

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