Grains Report - Monday, Nov. 2


General Comments: Winter Wheat markets were lower on strength in the US Dollar and reports of good rains in much of the Great Plains. Reports of very beneficial rains in Russia were also around. Support came in part on the strong 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 off the Great Plains got the rains and snow, but many did. Parts of southern Russia could see some relief from drought as a few showers are in the forecast. It is still a weather market and the planting weather is dry in many northern hemisphere areas, but the weather is starting to chip away at the drier areas. This is especially true in the US where the drought is a thing of the past for much of the western Great Plains. Only parts of southeastern Colorado and southwestern Kansas are still too dry. Southern Russia could stay mostly dry away from the showers that are forecast to fall. Eastern sections of Ukraine should get a few showers. Kazakhstan should stay 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 now. Western Australia has also been very dry, but eastern Australia is in very good condition. The Midwest has had good rains after a dry period. Much of Europe is in good condition.

Overnight News: The southern Great Plains should get drier weather. Temperatures should be below normal. Northern areas should see drier weather. Temperatures will be below normal. The Canadian Prairies should see light snow. Temperatures should be below normal.

Chart Analysis: Trends in Chicago are down with objectives of 594, 572, and 560 December. Support is at 587, 576, and 561 December, with resistance at 616, 620, and 629 December. Trends in Kansas City are mixed to down with objectives of 529 and 502 December. Support is at 532, 524, and 518 December, with resistance at 549, 559, and 565 December. Trends in Minneapolis are mixed to down with objectives of 543 and 505 December. Support is at 547, 540, and 535 December, and resistance is at 559, 570, and 579 December.

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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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