Grains Report - Wednesday, Nov. 4


General Comments: Winter Wheat markets were mostly a little higher on ideas that Russia did not get enough rain over the weekend, but Minneapolis closed a little lower. 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 off the Great Plains got the rains and snow in the last week, but many did. Parts of southern Russia got some relief from drought, but many areas are still dry. 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 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. 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 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 mixed. Support is at 601, 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 546, 538, and 532 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 557, 561, and 570 December.

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