Grains Report - Monday, Nov. 2


General Comments: Rice was higher last week for November, but lower in the other months. An improved weekly export sales report was seen once again. Export demand has been strong in general. 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 mostly over in northern states with good field yields reported. Southern Louisiana and Texas are waiting for the second crop harvest to start. 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.

Overnight News: The Delta should get scattered showers. Temperatures should be below normal.

Chart Analysis: Trends are mixed to down with objectives of 1214 and 1190 January. Support is at 1233, 1225, and 1218 January, with resistance at 1250, 1257, and 1262 January.


General Comments: Corn and Oats were lower last week despite some great export demand in the corn market. The weekly SDA export sales report showed sales of over 2.4 million tons and then USDA announced on Thursday that Mexico had bought 1.4 million tons of US Corn. There was no export demand from China last week in the daily announcements. US weather was tough for harvesting last week with wet and cold conditions for much of the Midwest. Conditions are much improved this week with warmer and drier weather and the harvest is underway again. Yield reports have generally been good except for the drought and derecho areas of Iowa.

Overnight News: Unknown destinations bought 204,000 tons of US Corn.

Chart Analysis: Trends in Corn are down with no objectives. Support is at 393, 386, and 384 December, and resistance is at 410, 413, and 415 December. Trends in Oats are mixed to down with objectives of 274 December. Support is at 295, 291, and 285 December, and resistance is at 305, 310, and 312 December.


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