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WHEAT
General Comments: Wheat markets were higher again last week despite the poor demand potential for US Wheat. The weekly export sales report was bad once again last week and reports indicate that Ukraine is using Black Sea ports to load export Wheat. However, costs for transport of Ukraine Wheat are high and this has hurt any sales. Russia is still exporting and offering Wheat into the world market and is reporting that the crop is larger than originally thought. Ukraine and the EU countries are offering as well and are getting new business. Demand has been poor for US Wheat as Russia production looks strong, but exports are expected to increase later in the marketing year. Argentine conditions are reported to be good after a very dry start but showers and rains in recent weeks. It has been too wet in southern Brazil and much of the Wheat grown there is expected to be feed grade instead of milling grade.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be below normal. Northern areas should see isolated showers. Temperatures will average below normal. The Canadian Prairies should see scattered showers. Temperatures should average below normal. China bought 440,000 tons of US SRW.
Chart Analysis: Trends in Chicago are mixed. Support is at 583, 51841 and 521 March, with resistance at 573622 641, and 642 March. Trends in Kansas City are mixed. Support is at 622, 617, and 593 March, with resistance at 653, 670, and 677 March. Trends in Minneapolis are mixed . Support is at 719, 716, and 698 March, and resistance is at 739, 753, and 768 March.RICE
General Comments: Rice closed lower and fell back into the trading range set last week. The weekly charts show that a big gap was closed with the price action last week since the gap was filled. Demand reports have been solid to strong for the last couple of weeks and have featured traditional buyers in Latin America and Asia ad some nontraditional buyers as well. The weekly export sales report showed very strong demand from Latin America. The daily and weekly chart trends are mixed.
Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1707, 1684, and 1663 January and resistance is at 1746, 1767, and 1774 January.CORN AND OATS
General Comments: Corn closed slightly higher last week as demand concerns kept futures with just small gains. Oats were higher. Ideas of weak demand are keeping prices low over all, but the weekly export sales reports have shown good demand for the last several weeks. The market feels that there is more than enough Corn for any demand. It is still hot and dry in central and northern Brazil and in Argentina although some beneficial rains have been reported in Argentina and in central and northern Brazil. Southern Brazil is still much too wet. There was some beneficial rains reported in central and northern areas last week and a few more showers are possible this week.
Overnight News: Mexico bought 267,044 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 409, 403, and 396 March, and resistance is at 4874 506477 and 481 March. Trends in Oats are mixed. Support is at 372, 365, and 351 March, and resistance is at 394, 403, and 405 March.SOYBEANS
General Comments: Soybeans and the products closed lower last week on improved rains for central and northern Brazil and still too much rain was reported for southern Brazil. There are some forecasts for scattered showers and rains this week in central and northern Brazil and still very wet conditions in the south. Soybean Oil was lower on weakness in /Crude Oil futures that could hurt demand for biofuels. Soybeans and Soybean Oil appears to be starting a new leg down on the charts. The weekly export sales report for Soybeans was not strong after the record sales report the previous week but sales to China continue. The trade remains concerned about the weather forecasts for South America. Brazil remains mostly hot and dry in northern areas and too wet in southern areas. Argentina crops are reported o be in good condition with enough moisture. These weather trends are expected to continue after next week.
Overnight News: Philippines boughtm183,000 tons of US Soybean Meal.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1326, 1298, and 1292 January, and resistance is at 1339, 1352, and 1365 January. Trends in Soybean Meal are down with objectives of 399.00 January. Support is at 411.00, 406.00, and 398.00 January, and resistance is at 435.00, 431.00, and 438.00 January. Trends in Soybean Oil are mixed. Support is at 5110, 4980, and 4900 January, with resistance at 5200, 5360, and 5420 January.CANOLA AND PALM OIL
General Comments: Palm Oil was lower last week on ideas of weaker demand for Palm Oil as the private sources reported improved demand for the month so far. Production was high in the MPOB reports but is expected to drop seasonally in future reports. Trends are sideways on the daily charts and are sideways on the weekly charts. Canola closed a little lower last week on the weather in Brazil. Current forecasts call for very wet weather in southern Brazil and slightly wetter weather in central and northern areas this week. The Canola crop is harvested and it is in bins, so it will take some price movement to get new farm sales. Trends are down on the daily charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 574.00 and 552.00 January. Support is at 684.00, 672.00, and 666.00 January, with resistance at 700.00, 714.00, and 720.00 January. Trends in Palm Oil are mixed. Support is at 3830, 3810, and 3800 February, with resistance at 3920, 3950, and 4040 February.More By This Author:Softs Report – Wednesday, Nov. 29
Grains Report – Tuesday, Nov. 28
Softs Report – Monday, Nov. 27
