Grains Report - Thursday, Nov. 5

WHEAT

General Comments: Winter Wheat markets were mostly a little higher on ideas that Russia did not get enough rain over the weekend and after trading lower for much of the session. Cash market prices were reported to be steady in Russia. 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 has had good rains after a dry period. 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 mixed. Support is at 598, 591, and 587 December, with resistance at 616, 620, and 629 December. Trends in Kansas City are mixed to up with objectives of 610 December. Support is at 550, 546, and 536 December, with resistance at 563, 568, and 575 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 561, 570, and 576 December.

RICE

General: Rice was a little higher in consolidation trading. 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 and should 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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