WHEAT
General Comments: Wheat in Chicago was mostly a little lower, with Minneapolis closing higher. Ideas that the US will have good demand for Wheat supported the market. The US and Canada have reduced production this year and so do most exporters around the world. Production is less this year in Russia and internal prices have been strong. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the weather has become old news. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. Siberian Spring Wheat conditions have been very good. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields. European quality is a problem due to too much rain in some areas and not enough in others.
Overnight News: The southern Great Plains should get scattered showers and some big rains. Temperatures should be above normal. Northern areas should see scattered showers. Temperatures will be above normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 729, 713, and 706 December, with resistance at 745, 749, and 757 December. Trends in Kansas City are mixed. Support is at 742, 736, and 715 December, with resistance at 757, 764, and 769 December. Trends in Minneapolis are up with no objectives. Support is at 960, 940, and 935 December, and resistance is at 982, 988, and 994 December.

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RICE
General Comments: Rice closed lower on what appeared to be speculative selling. Ideas are that demand is not yet strong enough to take up the supply available to the market. The crop has been largely harvested in Texas and in Louisiana. Mississippi and Arkansas producers are also almost done with the harvest. Yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. The reports have been good in both Arkansas and Mississippi
Overnight News: The Delta should get mostly dry conditions or isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1371, 1365, and 1352 November, with resistance at 1388, 1395, and 1401 November.

CORN AND OATS
General Comments: Corn and Oats closed with moderate losses yesterday as USDA failed to confirm any new export sales. Trends are mixed on the daily charts for both markets. Demand will be an increasing feature in the trade moving forward as the harvest moves to its halfway point. Initial yield reports have been mixed but good, with some lower yields reported due to disease but some higher than expected yields reported in western areas. Farmers are reported to be limited sellers at best. Most of the elevators along the Mississippi are exporting again which is good news for nearby demand. There are a lot of ideas that production and planted and harvested area will be significantly less next year due to the lack of fertilizers available and the cost of production. The Oats market knows that supplies will be tight due to a drought in the northern Great Plains and Canada. There will not be much in the way of high-quality Oats for consumers to buy in the coming year.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 528, 513, and 507 December, and resistance is at 545, 548, and 566 December. Trends in Oats are mixed. Support is at 645, 626, and 623 December, and resistance is at 669, 686, and 690 December.

SOYBEANS
General Comments: Soybeans and the products closed higher in recovery trading. The weekly charts still show down trends for all three markets, and the daily chart trends are turning up again in Soybeans and Soybean Meal. Chinese demand has been supportive until now as the country was active in the US Soybeans but China is on holiday this week so no sales announcements are expected. Harvest has moved past the half way point for Soybeans and a harvest low might be seen during the second half of the harvest. Reports indicate that farmers are limited sellers at best. Gulf port elevators are coming on line and exports are increasing.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1265 and 1305 November. Support is at 1208, 1200, and 1184 November, and resistance is at 1242, 1258, and 1263 November. Trends in Soybean Meal are mixed to up with objectives of 330.00 and 341.00 December. Support is at 320.00, 314.00, and 311.00 December, and resistance is at 326.00 332.00, and 338.00 December. Trends in Soybean Oil are mixed to up with objectives of 6160 and 6270 December. Support is at 6130, 6060, and 5920 December, with resistance at 6310, 6400, and 6550 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher on ideas of tight supplies for the near term and maybe longer. India was the major importer as the country reduced import taxes. It has also reduced import taxes now for Soybean Oil and Canola Oil and this has caused some demand worries for Palm. The weekly chart trends are up again. There are ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed higher on what appeared to be speculative buying as the harvest is continuing amid good conditions in the Prairies. Farmers are bullish and reluctant to sell and would rather work in the fields. The weekly chart trends are sideways. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry and warm in the Prairies. The Prairies crops are in big trouble now due to previous hot and dry weather.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 939.00 and 949.00 November. Support is at 896.00, 892.00, and 885.00 November, with resistance at 925.00, 936.00, and 940.00 November. Trends in Palm Oil are up with objective of 4970 and 5040 January. Support is at 4740, 4670, and 4500 January, with resistance at 5000, 5060, and 5120 January.