Grains Report - Wednesday, September 2

WHEAT
General Comments: Winter Wheat markets were higher with the Chicago Winter Wheat markets leading the charge on fund buying. Minneapolis Spring Wheat were also higher, but encountered producer selling to close with smaller gains. Trends in the Winter Wheat markets have been up. The market is still reacting to which way Wheat prices are going here and overseas, with Black Se prices higher yesterday. Spring Wheat continues to develop under good growing conditions in both the US and Canada. Harvest has expanded and yield reports are solid in the northern Plains. It is still dry in France and Russia and now Spring Wheat areas of Russia are being affected. Russian Winter Wheat yields have improved over time as harvesters move into areas that had better growing conditions. Australia remains in good condition and is getting rains. About half of the Argentine Wheat belt is too dry and wire reports indicate that production in the worst areas could be 50% of normal.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average near to above normal. The Canadian Prairies should see isolated showers. Temperatures should average near to above normal.
Chart Analysis: Trends in Chicago are up with objectives of 574 December. Support is at 547, 543, and 542 December, with resistance at 570, 571, and 574 December. Trends in Kansas City are up with objectives of 502 December. Support is at 475, 469, and 465 December, with resistance at 490, 495, and 506 December. Trends in Minneapolis are up with objectives of 561 December. Support is at 543, 535, and 533 December, and resistance is at 549, 554, and 556 December.

RICE
General Comments: Rice was lower after damage assessment to the Rice crop showed that little if any damage was done. The damage from Laura was intense near the Gulf Coast but most if not all of the Rice had already been harvested. The storm diminished quickly and little damage was reported in Mississippi, Arkansas, of Missouri. Storms through Arkansas now from the north brought no damaging weather. New crop prospects still appear solid for increased production in the coming year. The area is larger and the growing conditions are mostly good. The crops are called in good condition in Mississippi, Arkansas, and Missouri. Harvest is about to begin in these states. Texas and southern Louisiana field yield reports are strong. Quality is called average to above average.
Overnight News: The Delta should get big rains from Laura and Marco. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1204, 1192, and 1185 November, with resistance at 1245, 1260, and 1267 November.

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Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

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