WHEAT

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.

RICE

General 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 higher on expectations for a Biden presidential victory that could create a new government and stimulus spending. The spending would help support a Cornmarket that could lose more ethanol demand due to the Coronavirus. The virus could cause lockdowns again and could keep people off the road, causing less demand for ethanol. US weather 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 mixed. Support is at 398, 393, and 386 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 higher on hopes for more Chinese demand with a Biden victory and despite the return of the Coronavirus to the US and Europe. 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. Ideas are that a Biden victory would mean better intergovernmental relations with China and therefore increased demand for US Soybeans. 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 up with objectives of 1086 January. Support is at 1057, 1045, and 1038 January, and resistance is at 1075, 1088, and 1100 January. Trends in Soybean Meal are mixed to up with no objectives. 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. Support is at 3290, 3270, and 3210 December, with resistance at 3400, 3440, and 3480 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 higher on the rally in Soybeans and products and despite a weaker US Dollar. Canola farmers are selling due to harvest pressure, and industry and speculators are starting to sell now. Harvest in the Prairies is almost done and yields are reported to be very strong.

Chart Analysis: Trends in Canola are mixed. Support is at 533.00, 529.00, and 526.00 January, with resistance at 544.00, 547.00, and 553.00 January. Trends in Palm Oil are mixed. Support is at 2990, 2940, and 2850 January, with resistance at 3110, 3150, and 3180 January.