Grains Report - Tuesday, Nov. 3

WHEAT

General Comments: Winter Wheat markets were higher on ideas that Russia did not get enough rain over the weekend. Cash market prices were reported higher there. 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, 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. Eastern sections of Ukraine should get a few showers. 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. Western Australia has also been very dry, but eastern Australia is in very good condition. Western Australia should get some light rain this week The Midwest has had good

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 mixed to down with objectives of 576, 560, and 538 December. Support is at 591, 587, and 576 December, with resistance at 616, 620, and 629 December. Trends in Kansas City are mixed. Support is at 536, 532, and 524 December, with resistance at 559, 568, and 575 December. Trends in Minneapolis are mixed. Support is at 547, 540, and 535 December, and resistance is at 560, 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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