Grains Report - Wednesday, Sept. 30

WHEAT
General Comments: Winter Wheat markets closed lower with HRW and HRS the weakest markets. SRW closed just slightly lower. The trade is watching the weather and growing conditions around the world as well as the world Wheat price. World demand for US Wheat depends mostly on lower prices for US Wheat to compete with Russia, Europe, and other sellers and a weaker US Dollar. The overseas weather is mixed. Western Europe is likely to get some rains in the short term, but southern Russia could stay dry. Some showers are forecast for Ukraine this week. The country has also been 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. Argentina got some very beneficial rains over the weekend. Australia has seen some cold temperatures in recent days and some southern growing areas could have seen a frost or a freeze. Conditions are improved in the US after some rains fell in the Great Plains.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to below normal. Northern areas should see isolated showers. Temperatures will average near to below normal. The Canadian Prairies should see isolated showers. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 544, 551, and 538 December, with resistance at 554, 560, and 568 December. Trends in Kansas City are mixed. Support is at 475, 470, and 467 December, with resistance at 484, 490, and 500 December. Trends in Minneapolis are mixed to down with objectives of 505 December. Support is at 523, 519, and 515 December, and resistance is at 529, 533, and 536 December.

RICE
General Comments: Rice was slightly higher in range trading. It was another quiet session. There was talk in the market that Iraq had tendered, but there was no result announced. The weekly export sales report was positive for the second week in a row. Export sales were down but still well above the four-week average. Brazil was a buyer of 7,000 tons of Rough Rice and much of Central America was noted buying as well. Total Brazil purchases are now 37,000 tons. The harvest has been active in most states with good field yields reported. Quality is said to be very good, especially in Arkansas. Milling yields are higher and appearance is very good with minimal chalk or peck showing.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are mixed. Support is at 1237, 1232, and 1222 November, with resistance at 1260, 1267, and 1290 November.

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