Grains Report - Tuesday, Dec. 8

Wheat

General Comments: Winter Wheat markets were lower to start the day, but rallied to close a little higher on the back of stronger Corn futures. World prices have held steady or worked a little higher even with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward. US weather is mixed with still dry conditions in the western Great Plains but better conditions in the Midwest. Parts of eastern Ukraine and southern Russia are getting some showers too. These have been late to help much with the establishment but will help with soil moisture into the Spring. Western Australia's conditions are good after some rains. The demand has held well and world prices remain relatively high. The market in Russia has remained high on limited supply as farmers hold the Wheat back due to the drought.

green tractor on green field during daytime

image source

Overnight News: The southern Great Plains should get dry weather then scattered showers starting Thursday. Temperatures should be above normal. Northern areas should see mostly dry conditions or isolated showers. 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 574, 568, and 558 March, with resistance at 592, 600, and 608 March. Trends in Kansas City are mixed to down with objectives of 514 and 474 March. Support is at 536, 533, and 528 March, with resistance at 556, 559, and 569 March. Trends in Minneapolis are mixed to down with objectives of 537 March. Support is at 546, 543, and 537 March, and resistance is at 560, 564, and 570 March.

Rice

General Comments: Rice was higher in light volume trading. Trading reflected the lack of activity in the domestic cash market. Trading volumes have been less for the last couple of weeks. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over with good field yields and generally good quality reported.

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