Grains Report - Wednesday, Oct. 14

WHEAT
General Comments: Wheat markets were mostly a little higher, but traded much higher early in the session. There was no real bullish news. World demand for US Wheat depends mostly on lower prices for US Wheat to compete with Russia, Europe, and other sellers. The overseas weather is mixed. Western Europe is likely to get some good rains in the short term, but southern Russia could stay dry or get very light showers. Some showers are forecast for Ukraine this week, but the eastern sections of the country should stay dry. Kazakhstan is dry. These areas are trying to plant the next Winter Wheat crop but the dry weather and the dry soils are keeping farmers out of the fields. Less production is likely in Argentina due to drought, but some showers were reported in dry areas over the weekend. About quarter of Argentine growing areas are affected after the beneficial rains. Western Australia has also been very dry. Conditions are improved in the US after some rains fell in the Great Plains but the western Great Plains remains mostly hot and dry. The Midwest has had good rains but will need more soon.
Overnight News: The southern Great Plains should get mostly dry conditions or isolated showers. Temperatures should trend to below normal. Northern areas should see scattered showers. Temperatures will trend to below normal. The Canadian Prairies should see isolated showers. Temperatures should trend to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 587, 576, and 561 December, with resistance at 604, 611, and 614 December. Trends in Kansas City are mixed. Support is at 525, 518, and 515 December, with resistance at 543, 553, and 555 December. Trends in Minneapolis are mixed. Support is at 539, 531, and 523 December, and resistance is at 549, 553, and 556 December.

RICE
General Comments: Rice was a little lower. US export demand was very strong once again last week and were a marketing year high. Central and South American countries were the best buyers, followed by eastern Asia. The harvest has been active in northern states with good field yields reported. Southern Louisiana and Texas are done with the first crop harvest and are waiting for the second crop to mature. Quality is said to be very good, especially in Arkansas.
Overnight News: The Delta should get mostly dry conditions. Temperatures should trend to near to nelow normal.
Chart Analysis: Trends are down with objectives of 1185 November. Support is at 1220, 1210, and 1204 November, with resistance at 1252, 1260, and 1275 November.

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