WHEATGeneral Comments: Wheat was mostly a little lower yesterday and trends are still turning up in these markets. It looks like the current prices have accounted for most or all of the bad news to hit Wheat futures. USDA made no changes to its balance sheets last week. Big world supplies and low world prices are still around. Export sales remain weak on competition from Rusia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. It is warm in the US and Canada this week. Black Sea offers are still plentiful. Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal. Chart Analysis: Trends in Chicago are mixed. Support is at 539, 528, and 524 May, with resistance at 554, 560, and 572 May. Trends in Kansas City are mixed to up with objectives of 612 and 634 May. Support is at 591, 581, and 568 May, with resistance at 5608, 617, and 633 May. Trends in Minneapolis are mixed to up with objectivesof 688 and 712 May. Support is at 660, 641, and 635 May, and resistance is at 675, 681, and 688 May.RICEGeneral Comments: Rice closed a little higher yesterday and trends are turning sideways in this market. Good demand for export continues. The overseas markets feature less production in Brazil and India and it appears that the lack of offer from these markets is supporting increased demand for US Rice and prices here in the US. Warmer and wetter weather is expected this week and next on the Delta and Texas and soil moisture conditions for the next crop should improve. Chart Analysis: Trends are mixed to down with no objectives. Support is at 1773, 1759, and 1751 May and resistance is at 1803, 1827, and 1845 May.CORN AND OATSGeneral Comments: Corn was unchanged yesterday. Big supplies and reports of limited demand are still around, but futures have been very oversold. Futures are much lower than just a few months ago and a short covering rally is increasingly expected and might be under way. Funds remain very large shorts in the market. Basis levels have started to firm in the US as processors look for supplies amid tight farmer holding patterns. The weather forecasts for Argentina are improving with more showers and rains expected this week. More rain is forecast for central and northern Brazil The planting progress reports to date indicate rapid progress. Chart Analysis: Trends in Corn are up with objective of 450 May. Support is at 433, 429, and 422 May, and resistance is at 446, 448, and 459 May. Trends in Oats are mixed. Support is at 362, 356, and 349 May, and resistance is at 374, 376, and 3769 May.SOYBEANSGeneral Comments: Soybeans and the products closed higher yesterday on reports of stronger basis levels and great export demand in Brazil. Report indicate that China has been a very active buyer of Brazil Soybeans in the last week. Ideas that South American production is taking demand from the US have pressured futures lower. Funds remain very large shorts in the market. Basis levels in the country are reported to be firming as processors look for supplies and farmers remain tight holders. Rains are in the forecast in Argentina. Such rains would be beneficial for reproducing Corn and Soybeans. Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1220 and 1229 May. Support is at 1175, 1165, and 1153 May, and resistance is at 1204, 1214, and 1233 May. Trends in Soybean Meal are mixed to up with objectives of 344.00 and 353.00 May. Support is at 326.00, 329.00, and 307.00 May, and resistance is at 345.00, 348.00, and 352.00 May. Trends in Soybean Oil are mixed to up with objectives of 4880, 4960, and 5070 May. Support is at 4690, 4620, and 4550 May, with resistance at 4810, 4890, and 4910 May.CANOLA AND PALM OILGeneral Comments: Palm Oil was higher yesterday on production problems in Southeast Asia and as the export pace is expected to really improve. Domestic biofuels demand is also likely to improve. Ideas of weaker production ideas against good demand still support the market overall. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are up on the daily charts. Canola was higher with Chicago and Malaysia. There are still forecasts for better rains in Argentina after a dry spell ends in a week or so and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales. Chart Analysis: Trends in Canola are up with objectives of 632.00 and 662.00 May. Support is at 610.00, 602.00, and 594.00 May, with resistance at 629.00, 638.00, and 644.00 May. Trends in Palm Oil are up with objectives of 4150 May. Support is at 4050, 4000, and 3960 May, with resistance at 4140, 4170, and 4200 May.Midwest Weather Forecast Mostly dry conditions. Temperatures should average near to above normal.More By This Author:Softs Report – Tuesday, March 12
Grains Report – Monday, March, 11
Softs Report – Friday, March 8
