Grains Report - Friday, Nov. 6

WHEAT

General Comments: Winter Wheat markets were a little higher, but well off session highs. Cash market prices were reported to be steady in Russia and Egypt paid steady prices at its tender yesterday. USDA showed average sales in its weekly export sales report. The export demand has held together well despite the fact that US prices are high in the world market. Not all of the dry areas of the Great Plains got the rains and snow in the last week, but many areas did. Only parts of southeastern Colorado and southwestern Kansas are still too dry. Southern Russia could stay mostly dry. Eastern sections of Ukraine got a few showers and things are better there. Kazakhstan should stay mostly dry. Farmers in Russia and surrounding areas are not really selling much of the current crop due to fears about the production of the next crop. Less production is likely in Argentina due to drought, but the rains are good in some areas now. Eastern Australia is in very good condition. Western Australia should get some light rain this week. The Midwest is considered to be in mostly good condition. Much of Europe is in good condition.

Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should see dry weather this week and showers this weekend. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should trend near to below normal.

Chart Analysis: Trends in Chicago are up with objectives of 635 and 660 December. Support is at 610, 607, and 598 December, with resistance at 626, 636, and 638 December. Trends in Kansas City are up with objectives of 583 December. Support is at 561, 550, and 546 December, with resistance at 582, 585, and 588 December. Trends in Minneapolis are up with objectives of 573 and 588 December. Support is at 567, 551, and 547 December, and resistance is at 576, 579, and 582 December.

RICE

General Comments: Rice was a little higher once again. The weekly USDA export sales report was not considered strong. 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. Export demand has been good in previous weeks and should generally stay that way as South America should not have much to offer this year. The harvest is mostly over in northern states with good field yields reported. Southern Louisiana and Texas are harvesting the second crop. Producers had to endure Hurricane Delta and then Zeta in Louisiana, and some of the second crop Rice got hurt. Quality is said to be very good everywhere.

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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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