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.

RICE

General Comments: Rice was a little lower and made new lows for the move in quiet trading. 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 down with objectives of 1214 and 1190 January. Support is at 1223, 1220, and 1218 January, with resistance at 1240, 1250, and 1257 January.

CORN AND OATS

General Comments Corn and Oats were a little lower due to the return of the Coronavirus pandemic. The virus could cause lockdowns again and could keep people off the road, causing less demand for ethanol. The US presidential elections today caused some large speculators to take money out of risk investments such as Corn yesterday. 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.

Chart Analysis: Trends in Corn are down with no objectives. Support is at 393, 386, and 384 December, and resistance is at 404, 410, and 413 December. Trends in Oats are mixed to down with objectives of 274 December. Support is at 291, 286, and 284 December, and resistance is at 297, 302, and 305 December.

SOYBEANS AND PRODUCTS

General Comments: Soybeans and products closed lower on less Chinese demand and the return of the Coronavirus to the US and Europe. The presidential elections today in the US has many speculators taking risk off the table and selling Soybeans. China has not appeared in the daily sales announcements from USDA in a couple of weeks and the market is feeling the loss. China still needs to buy for crushers but appears to have bought what was necessary for the reserve. The weather in the US is good for any remaining harvest as it has turned drier and warmer this week after a cold and wet week last week. The weather in South America is improved. Showers and rains have fallen in most of Brazil and much of Argentina. Southern Brazil and Paraguay have missed out on the good rains but did get a few showers. Soybeans are actively being planted in Brazil, but southern areas are still too dry as are parts of Argentina and all of Paraguay and Uruguay.

Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1026 January. Support is at 1038, 1034, and 1025 January, and resistance is at 1063, 1075, and 1078 January. Trends in Soybean Meal are mixed to down with objectives of 359.00, 341.00, and 340.00 December. Support is at 372.00, 369.00, and 368.00 December, and resistance is at 384.00, 392.00, and 394.00 December. Trends in Soybean Oil are mixed to down with objectives of 3130 December. Support is at 3290, 3270, and 3210 December, with resistance at 3370, 3400, and 3440 December.

CANOLA AND PALM OIL

General Comments: Palm Oil closed higher. Ideas are that MPOB can show lower ending stocks this month. Chart trends are trying to turn up again. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. At least some of the plantation owners have asked for more migrant workers to cover the lack of workers that can be sourced locally. Canola was lower on weaker US and world petroleum prices. Canola farmers are selling due to harvest pressure, and industry and speculators are starting to sell now. The Canadian Dollar is higher but Canola is still considered relatively cheap in the world market. Harvest in the Prairies is almost done and yields are reported to be very strong.

Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 529.00, 526.00, and 520.00 January, with resistance at 544.00, 547.00, and 553.00 January. Trends in Palm Oil are mixed to down with objectives of 2860 and 2730 January. Support is at 2940, 2860, and 2760 January, with resistance at 2990, 3020, and 3120 January.