WHEAT
General Comments: Wheat was lower as the US Dollar moved higher and as Wheat was priced out of the US feed market amid a lack of demand from world buyers. Russia could severely restrict Wheat exports due to production lost to drought and those ideas have kept demand hopes for US Wheat alive. 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 isolated to scattered showers. Temperatures should be above normal. Northern areas should see scattered showers today and tomorrow, then mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 7101, 686, and 677 December, with resistance at 720, 728, and 733 December. Trends in Kansas City are mixed to up with objectives of 728, 747, and 784 December. Support is at 707, 702, and 686 December, with resistance at 730, 735, and 738 December. Trends in Minneapolis are up with objectives of 926 and 938 December. Support is at 909, 895, and 880 December, and resistance is at 923, 933, and 9250 December.

Image by 41330 from Pixabay

RICE
General Comments: Rice closed a little lower yesterday in response to the good harvest progress shown by USDA in its weekly updates. A higher US Dollar was bad for all commodities prices yesterday as well. The first crop has been largely harvested in Texas and in Louisiana, but the second crop s still in the field and is still at risk of loss in both states. Harvesting will start to wind down in both states now. Mississippi and Arkansas producers are at harvest now. 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 to up with objectives of 1408 and 1436 November. Support is at 1380, 1376, and 1369 November, with resistance at 1401, 1406, and 1410 November.

CORN AND OATS
General Comments: Corn was lower on ideas of expanding harvest progress and weaker demand. There had been rumors of Chinese buying in the Cornmarket on Monday, but yesterday USDA only confirmed a 150,000-ton sale to Mexico and did not mention China in the daily reporting system. Trends are mixed to down on the weekly charts but are up on the daily charts. Traders are now waiting on the harvest and yield reports but the gut slot of the harvest is still a week away. Ideas are that the yield reports will be high and will confirm the USDA production estimates or even find better yields. However, there have been reports of diseases in Illinois fields so record production might not happen in that state. Initial yield reports have been mixed, with some lower yields reported due to disease. There are still the drought-reduced crops in the northwestern Corn Belt and northern Great Plains to be counted as well. Most of the elevators along the Mississippi are exporting again which is good news for nearby demand. New Orleans area elevators are now reported to be about 50% open. Electricity has been restored and the elevators are transloading grain if they are not fully open yet.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 547 and 573 December. Support is at 529, 523, and 513 December, and resistance is at 543, 548, and 558 December. Trends in Oats are up with objectives of 597 and 636 December. Support is at 581, 564, and 558 December, and resistance is at 594, 606, and 606 December.

SOYBEANS
General Comments: Soybeans and the products closed lower yesterday on the approaching harvest and the stronger US Dollar that hurt export demand ideas. China was not a buyer so far this week. The weekly charts still show downtrends for all three markets, but the daily charts show more mixed trends. Chinese demand has been supportive until now as the country was active in the US Soybeans market over the weekend. Harvest is underway for Soybeans. The destruction of Gulf port facilities along the Mississippi River near New Orleans was still a factor in the trade but the elevators are coming on line and exports are increasing. The hurricane moved onshore in Louisiana a few weeks ago and did extensive damage to the state, including the grain export elevators. The state also lost electrical power in all affected areas but power to the export elevators is now restored.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1275, 1271, and 12562 November, and resistance is at 1290, 1297, and 1309 November. Trends in Soybean Meal are mixed. Support is at 333.00, 331.00, and 328.00 October, and resistance is at 341.00, 344.00, and 349.00 October. Trends in Soybean Oil are mixed to up with objectives of 5890 and 6120 October. Support is at 5670, 5550, and 5420 October, with resistance at 5880, 5950, and 6010 October

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on the back of rallies in Chicago and Dalian. The weekly chart trends are sideways. Export volumes were up very significantly for Malaysia for the month so far. Ideas are that Palm Oil got too expensive when compared to the other vegetable oils markets. 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 mostly lower as the harvest is underway amid good conditions in the Prairies. November closed a little higher as farmers are 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. Support is at 874.00, 866.00, and 854.00 November, with resistance at 900.00, 902.00, and 905.00 November. Trends in Palm Oil are up with objective of 4700 and 5050 December. Support is at 4320, 4200, and 4040 December, with resistance at 4500, 4560, and 4620 December.

Midwest Weather Forecast: Isolated to scattered showers north and west, otherwise mostly dry conditions. Temperatures should average above normal in the west and near to above normal in the east.