WHEAT
General Comments: All three markets closed lower yesterday on follow through selling from the bearish USDA supply and demand and production reports that showed a higher level of production and ending stovcks than anticipated by many in the trade. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry. Rain is moderate in the southern Midwest and Mid South. Chart trends are turning down in Winter Wheat markets and mixed in Minneapolis. Enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still a main feature. Overall demand for world Wheat has been weak. The first part of the week will be dominated by the USDA production and suppl and demand reports.
Chart Analysis: Trends in Chicago are down. Support is at 504, 498, and 492 July, with resistance at 523, 533, and 540 July. Trends in Kansas City are down. Support is at 500, 494, and 488 July, with resistance at 525, 531, and 547 July. Trends in Minneapolis are mixed to down. Support is at 590, 584, and 578 July, and resistance is at 606, 617, and 621 July.

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RICE
General Comments: Rice closed lower again yesterday in response to the USDA reports. The reports showed improved demand but a big improvement in imports to increase ending stocks estimates. The cash market has been slow with mostly quiet domestic markets and average export demand. Export sales have not been strong, and domestic demand 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 is planted in most growing areas now. Condition has been rated as good so far by private sources.
Chart Analysis: Trends are down. Support is at 1225, 1212, and 1200 July and resistance is at 1269, 1290, and 1310 July.

CORN AND OATS
General Comments: Corn closed lower yesterday as the market reacted to better planting weather in the Midwest. Warmer and drier weather is in the forecast. The somewhat bullish USDA report released on Monday has had little effect on the price action so far this week. Demand for Corn in domestic and world markets remains strong with sales and shipments of above 1.6 million tons in the latest reporting week. It has become warmer and drier in much of the Midwest and planting progress is expected to be much improved this week. Oats were lower, and the trends are mixed in this market after futures could not hold at new highs for the move early in the week.
Chart Analysis: Trends in Corn are down. Support is at 432, 426, and 420 July, and resistance is at 447, 452, and 459 July. Trends in Oats are mixed. Support is at 336, 332, and 326 July, and resistance is at 350, 353, and 362 July.

SOYBEANS
General Comments: All three markets were higher again yesterday in response to the Monday news. Reports indicate that Brazil prices were now more competitive with those from the US in world markets as basis levels dropped there in response to the tariff news between the US and China. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were lower as the weather is forecast to be much better for planting this week. Warmer temperatures and drier conditions are expected this week.
Analysis: Trends in Soybeans are mixed to up. Support is at 1053, 1047, and 1037 July, and resistance is at 1082, 1088, and 1105 July. Trends in Soybean Meal are mixed. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are up. Support is at 4890, 4850, and 4730 July, with resistance at 5240, 5300, and 5360 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was higher yesterday despite forecasts for improved planting and development conditions in the Prairies. Trends are turning up on the daily charts and on the weekly charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Chart Analysis: Trends in Canola are mixed to up. Support is at 697.00, 686.00, and 680.00 July, with resistance at 732.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3840, 3790, and 3700 July, with resistance at 3970, 4030, and 4150 July.

Midwest Weather Forecast Mostly dry conditions or isolated showers Temperatures should average near to below normal.

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