WHEAT
General Comments: The markets were a little lower again yesterday on poor weekly export sales. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia were also negative for prices. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops. Cash markets in Russia were lower as production estimates remain lower and two regions have been declared a farming emergency due to the hot and dry weather.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 562, 556, and 548 December, with resistance at 580, 589, and 595 December. Trends in Kansas City are mixed. Support is at 561, 556, and 549 December, with resistance at 583, 593, and 603 December. Trends in Minneapolis are mixed. Support is at 595, 586, and 580 December, and resistance is at 617, 624, and 632 December.
RICE
General Comments: Rice closed a little lower and trends are down on the charts. The US Dollar was lower, and this did not help demand ideas. USA Rice said that Iraq bought 44,000 tons of milled Rice yesterday but this did not help the market, either. 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. The harvest is over for most US producers and yield reports have had a wide range from poor to good.
Overnight News:
Chart Analysis: Trends are down. Support is at 1429, 1416, and 1404 January and resistance is at 1465, 1474, and 1492 January.
CORN AND OATS
General Comments: Corn closed a little higher again yesterday as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong. Oats were lower. The harvest is winding down but is still active and yield reports in general have been strong. It has been very dry in the Midwest to promote the very active harvest progress gut rain is forecast for much of his week in the Midwest. 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 Brail and report of improving moisture levels in Argentina.
Overnight News: USDA said that 240,480 tons of Corn were received for unknown destinations.
Chart Analysis: Trends in Corn are up. Support is at 420, 414, and 409 December, and resistance is at 428, 434, and 440 September. Trends in Oats are up. Support is at 374, 370, and 357 December, and resistance is at 384, 400, and 4-8 December.
SOYBEANS
General Comments: Soybeans were sharply higher as the market got ready for the release of the USDA reports today. Soybean Meal and Soybean Oil were also higher as the US government issued some guidelines for bio fuels production. 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 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 moving through Corn. 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: China bought 107,000 tons of US Soybeans and unknown destinations bought 132,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 1018, 1004, and 992 January, and resistance is at 1030, 1045, and 1060 January. Trends in Soybean Meal are mixed. Support is at 293.00, 288.00, and 285.00 December, and resistance is at 303.00, 309.00, and 312.00 December. Trends in Soybean Oil are up. Support is at 4590, 4440, and 4350 December, with resistance at 4890, 4990, and 5040 December.
PALM OIL AND CANOLA
General Comments: Palm Oil was higher on ideas of weaker production caused by too much rain and strength in Chicago Soybean Oil. There are reports of good demand. Canola was higher as support came from Soybean Oil on ideas that the US government has increased demand for biofuels and therefore vegetable oils.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 651.00, 635.00, and 625.00 January, with resistance at 673.00, 685.00, and 692.00 January. Trends in Palm Oil are up. Support is at 4890, 4780, and 4700 January, with resistance at 5000, 5060, and 5120 January.More By This Author:
Grains Report – Friday, Nov. 8
