WHEAT
General Comments: Winter Wheat markets closed higher again yesterday on speculative buying tied to reports that cold weather had created frosts in Ukraine and Russia. 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 and cold. Some rain was seen in the northern Great Plains last week. Temperatures should be much cooler in most growing areas this week. Chart trends are mixed. 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 around. It is hot and dry in important parts of the EU and China. Overall demand for world Wheat has been weak.
Chart Analysis: Trends in Chicago are mixed to up Support is at 520, 506, and 5q00 July, with resistance at 548, 561, and 569 July. Trends in Kansas City are mixed to up. Support is at 514, 500, and 494 July, with resistance at 547, 557, and 563 July. Trends in Minneapolis are up. Support is at 590, 582, and 572 July, and resistance is at 606, 617, and 621 July.

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RICE
General Comments: Rice closed slightly higher as speculator selling returned to the market. The trends are still turning up in this market. 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 and USDA.
Chart Analysis: Trends are mixed. Support is at 1259, 1225, and 1212 July and resistance is at 1310, 1324, and 1337 July.

CORN AND OATS
General Comments: Corn was higher yesterday as the market reacted to reports of increased short speculators better planting weather in the Midwest. Cooler and drier weather is in the forecast for the coming week after a arm week last week. 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 been warmer and drier in much of the Midwest and planting progress is expected to be much improved this week. Thew weather this week features cool temperatures and periods of rain. Oats were lower, and the trends are about steady in this market.
Chart Analysis: Trends in Corn are mixed to down. Support is at 432, 426, and 420 July, and resistance is at 452, 459, and 463 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: Soybeans and the products were a little higher in consolidation trading. The market could be at a higher level and could turn lower as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Cooler temperatures and drier conditions are expected this week after a warm and wet late week last week.
Analysis: Trends in Soybeans are mixed. Support is at 1046, 1037, and 1027 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 mixed. Support is at 4770, 4730, and 4610 July, with resistance at 5020, 5110, and 5260 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little lower yesterday on ideas that current increased production levels mean higher inventories in MPOB monzthly data. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was higher. 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 699.00, 686.00, and 680.00 July, with resistance at 735.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3770, 3710, and 3650 August, with resistance at 3990, 4040, and 4130 August.

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