WHEAT
General Comments: The markets were lower again yesterday in all three markets on reports of deteriorating price in Russia and improved growing conditions in the US. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia were negative for prices. Russian export offers have been under pressure all week. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops under good conditions. Cash markets in Russia were lower as production estimates remain lower and as demand has waned. Ideas are that Russian exporters are trying to maintain export volumes at the expense of price
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 526, 521, and 514 December, with resistance at 546, 558, and 565 December. Trends in Kansas City are down. Support is at 527, 520, and 514 December, with resistance at 549, 562, and 569 December. Trends in Minneapolis are down. Support is at 563, 556, and 550 December, and resistance is at 580, 595, and 603 December.
RICE
General Comments: Rice closed lower yesterday but trends are still turning up on the charts. The US Dollar was higher, and this did not help demand ideas. Lower Asian prices are still reported. Brazil prices remain strong and well above US prices. The US weather has been an issue much of the growing season with too much rain early in the year, but the harvest is over now and the crops are being stored. Increased producer selling interest is likely the farther the market moves above 1500 January.
Overnight News:
Chart Analysis: Trends are mixed to up. Support is at 1445, 1434, and 1429 January and resistance is at 1502, 1513, and 1528 January.
CORN AND OATS
General Comments: Corn closed lower again yesterday as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong, but the US Dollar has also turned strong and has hurt demand ideas. Oats were higher. The harvest is almost over and yield reports in general have been strong. It has been very dry in the Midwest to promote the very active harvest progress and this week looks to be dry after some wet weather passes through today. The harvest will be complete in two weeks or less. Corn is being harvested with dry grain. The Corn is often well below 12% moisture level and this could cost some yield at the end of the day. Crop conditions in southern Brazil and Argentina with reports of ample moisture in southern Brazil and report of improving moisture levels in Argentina.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down. Support is at 445, 436, and 424 December, and resistance is at 427, 433, and 43a5 September. Trends in Oats are mixed. Support is at 330, 323, and 314 December, and resistance is at 357, 370, and 374 December.
SOYBEANS
General Comments: Soybeans and the products were lower. Brazilian farmers are planting what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest recently has hurt US production ideas due to ideas of small and very dry beans in the pods. Farmers have focused on Soybeans harvest but now are almost done and are almost done with Corn as well. Soybeans ae often harvested at moisture levels below 10% this year. Central and northern Brazil rains will continue as it looks like the rainy season is now underway. Soils are in much better shape in southern Brazil and Argentina.
Overnight News:
Analysis: Trends in Soybeans are mixed to down. Support is at 986, 977, and 974 January, and resistance is at 1014, 1020, and 1030 January. Trends in Soybean Meal are down. Support is at 285.00, 282.00, and 279.00 December, and resistance is at 293.00, 297.00, and 303.00 December. Trends in Soybean Oil are mixed to down. Support is at 4440, 4350, and 4260 December, with resistance at 4640, 4770, and 4920 December.
PALM OIL AND CANOLA
General Comments: Palm Oil was higher today. Ideas of weaker production caused by too much rain and reports of good demand provided support. The private surveyors have indicated that exports have been weaker so far this month. Canola was lower along with other vegetable oils and oilseeds markets. The harvest is winding down in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 625.00, 617.00, and 609.00 January, with resistance at 665.00, 673.00, and 685.00 January. Trends in Palm Oil are mixed. Support is at 4780, 4700, and 4590 January, with resistance at 5060, 5120, and 5180 January.Midwest Weather Forecast Scattered showers and some rain. Temperatures should average near to above normal.More By This Author:
Grains Report – Friday, Nov. 15
