Grains Report - Friday, Sept. 24

Wheat

General Comments: Wheat was higher in all three markets as trends started to turn up on the daily charts. The weekly export sales report showed average sales but there is more talk that Russia would severely restrict Wheat exports due to production lost to drought. Production is less this year 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. 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 mostly dry conditions. Temperatures should be above normal. Northern areas should see 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 to up with objectives of 728, 738, and 769 December. Support is at 69707, 6701, and 686 December, with resistance at 723, 745, and 772 December. Trends in Kansas City are mixed up with objectives of 728, 747, and 784 December. Support is at 707, 6702, and 686 December, with resistance at 723, 730, and 735 December. Trends in Minneapolis are up with objectives of 921, 926, and 938 December. Support is at 895, 880, and 862 December, and resistance is at 923, 933, and 9250 December.

Rice

General Comments: Rice closed a little lower in consolidation trading. November futures finally broke strong resistance at 1380 and have closed above that level for the last couple of days and this is considered a positive technical sign for prices. The first crop has been largely harvested in Texas and will soon be harvested in Louisiana, but the second crop s still in the field and is still at risk of loss in both states. Harvesting continues in Louisiana and Texas and will start to wind down in both states over the next couple of weeks. A delayed harvest is expected in Mississippi and Arkansas but a few producers are starting to harvest now. Yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. The harvest pace is expected to be slow

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