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WHEAT
General Comments: Wheat markets were higher yesterday but held inside the longer term trading range for each market. Demand needs to improve as export sales have not been strong for the last year despite weaker production for much of the world and the war in Ukraine that has held up shipments of Wheat from there and from Russia until the middle of the Summer. Russia reports that it has produced a big crop and has reduced export taxes recently in an effort to get Wheat sales on the books. Russian Wheat prices have been going down in an effort to move the crop. Ukraine has taken advantage of the shipping corridor agreement with the UN and Russia and has been shipping Corn and Wheat. Europe is too hot and dry and the US central and southern Great Plains have also been too hot and dry. Dry weather is affecting the Indian production as well.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should average above normal. Northern areas should see mostly dry conditions. Temperatures will average above normal. The Canadian Prairies should see isolated showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 783, 774, and 743 December, with resistance at 849, 864, and 913 December. Trends in Kansas City are mixed. Support is at 858, 850, and 822 December, with resistance at 921, 956, and 989 December. Trends in Minneapolis are mixed. Support is at 878, 863, and 852 December, and resistance is at 945, 959, and 967 December.

RICE
General Comments: Rice was sharply lower as some big selling hit about the middle of the session. The selling seemed to be by speculators and it looked like long liquidation hit the pit.. No one knows how export demand has been since USDA is still working on the computer system and cannot give weekly updates yet. The Texas harvest is moving along to completion and yield reports have been variable as have been quality reports. Some producers are getting done with harvesting in Texas as well as in southern Louisiana Yield reports have been generally good in Louisiana and quality reports are generally good. Crop conditions are mostly good to excellent for now in Arkansas and Mississippi. Trends are now down on the daily charts.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed to down with no objectives. Support is at 1708, 1644, and 1605 November and resistance is at 1731, 1744, and 1755 November.

CORN AND OATS
General Comments: Corn closed higher on news that Informa had estimated US Corn yields at about 171 bushels per acre, a lower estimate from them and one close to the Pro Farmer estimate of 168 bushels per acre released a couple of weeks ago. Informa is noted as a high-end estimate so the fact that they came in so low was considered bullish. There are also increasing concerns about demand with the Chinese economic problems caused by the lockdowns creating the possibility of less demand as South America has much better crops this year to compete with the US for sales. Ending stocks estimates could be very tight for the coming year if the crop projections hold true. Basis levels in the Midwest are strong amid light farm selling. It is still very hot and dry in parts of China and there is increasing concern about Corn production there this year. It has also been very hot and dry in Europe. Oats also closed higher.
Overnight News: Mexico bought 257,400 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 661, 647, and 643 December, and resistance is at 677, 684, and 690 December. Trends in Oats are mixed. Support is at 364, 358, and 352 December, and resistance is at 396, 418, and 424 December.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday on weaker demand ideas ss the us Dollar moved much higher and as there were no announcements on the daily reporting system by USDA. The trade is worried about demand due to a lack of Chinese interest caused by the Covid lockdowns there and in part by the stronger US Dollar. There are reports that Brazil is still offering and that South America as a whole are expected to produce a very big crop later this year for harvest next Spring. US production ideas remain strong after mostly good weather in August. Basis levels are still strong in the Midwest. There are still renewed Chinese lockdowns and there are fears that China has been importing less as a result. Shenzhen and Dalian were closed last week and might still be closed this week.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1382 and 1326 November. Support is at 1390, 1384, and 1376 November, and resistance is at 1423, 1432, and 1448 November. Trends in Soybean Meal are down with objectives of 399.00 and 376.00 in October. Support is at 407.00, 401.00, and 398.00 in October, and resistance is at 419.00 422.00, and 430.00 in October. Trends in Soybean Oil are mixed. Support is at 6390, 6300, and 6200 October, with resistance at 6930, 7030, and 7130 October.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower today on ideas of bigger production and less demand. MPOB data will be released this week and will help direct the next move for the futures market. Ideas are that supply and demand will be strong, but demand ideas are now weakening and the market will look to the private data for clues on demand and the direction of the futures market. Canola was lower with the price action in Chicago. The Canola growing conditions are much improved with rans being reported in recent days but the rains are bringing some concerns about disease showing.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 786.00, 746.00, and 724.00 November. Support is at 794.00, 779.00, and 763.00 in November, with resistance at 833.00, 857.00, and 870.00 in November. Trends in Palm Oil are mixed to down with objectives of 3680 November. Support is at 3720, 3630, and 3520 November, with resistance at 4000, 4050, and 4340 November.

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