WheatGeneral Comments: Wheat was lower in all three markets yesterday as the market gave back part of the Monday price gains. Russia is likely to expand the war and has reportedly started to make some threats against the US and NATO countries. USDA showed that the quarterly stocks were a little higher than expected but that planted area was a little below expectations. The US harvest is expanding through Kansas and is now more than 50% complete for the country as a whole and adverse world growing conditions are still around. There were more reports of hot temperatures coming this week to Russian growing areas. It has also been very dry there. The weather is still a key, with extreme dryness reported in Russia and parts of the US and too wet conditions reported in Europe.
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 above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 566, 557, and 550 September, with resistance at 605, 614, and 631 September. Trends in Kansas City are mixed. Support is at 576, 568, and 565 September, with resistance at 601, 614, and 636 September. Trends in Minneapolis are down with no objectives. Support is at 602, 596, and 590 September, and resistance is at 646, 649, and 669 September.46
RiceGeneral Comments: Rice closed a little lower as the market continued to digest the reports from Friday that showed increased planted area for Rice. The US weather is now improved and big crops are expected once again after some big rains threatened crops earlier n the growing season. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall.
Overnight News:
Chart Analysis: Trends are down with objectives of 1502 and 1460 September. Support is at 1500, 1494, and 1484 September and resistance is at 1548, 1563, and 1571 September.
Corn And OatsGeneral Comments: Corn and Oats closed mostly a little lower yesterday, but nearby Corn was higher along with Soybeans. Weakness was based on higher than expected planted area estimates released by USDA along with sharply higher than expected quarterly stocks data and strength coming from rallies in Soybeans and Wheat. The US weather feature moderate temperatures and increasing chances for rains. Northern areas such as southern Minnesota that have had way too much rain and flooding is still reported. The US Midwest is seeing uneven growing conditions and so are Southeast growing areas. However, USDA kept crop conditions unchanged at high levels and the market sees no real problem at this time.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 400, 394, and 388 September, and resistance is at 429, 432, and 443 September. Trends in Oats are mixed. Support is at 302, 296, and 290 September, and resistance is at 322, 327, and 338 September.
SoybeansGeneral Comments: Soybeans and Soybean Oil closed higher yesterday, but Soybean Meal was a little lower. Deteriorating growing conditions in the US and on forecasts for less heat and more rain in areas in the Midwest this week were supportive. USDA found less than expected planted area and slightly more stocks than had been expected by the trade. Precipitation chances are high in northern Midwest areas that have already been flooded. Reports indicate that China remains an active buyer of Soybeans in Brazil but has cut back and increased purchases from the US on demand due to the tax issues in Brazil and on Brazil logistical concerns. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil. Oil demand has suffered as cheaper alternatives for feedstocks hit the biofuels market.
Overnight News: Unknown destinations bought 110,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1117 and 1094 August. Support is at 1128, 1116, and 1104 August, and resistance is at 1162, 1180, and 1186 August. Trends in Soybean Meal are mixed. Support is at 344.00, 343.00, and 340.00 August, and resistance is at 355.00, 359.00, and 361.00 August. Trends in Soybean Oil are up with objectives of 4660 and 4890 August. Support is at 4510, 4440, and 4390 August, with resistance at 46279, 4890, and 4970 August.
Canola And Palm OilGeneral Comments: Palm Oil was lower today and trends are trying to turn up again. Export demand has been very strong in recent private reports but has been weaker in recent days. There is talk of increased supplies available to the market, but the trends are up on the daily and weekly charts. Canola was sharply higher yesterday as Canadian market caught up with those in the US. The daily charts show that Canola rejected a new leg down last week and closed near the top end of the recent trading range
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 664.00 and 708.00 November. Support is at 618.00, 599.00, and 591.00 November, with resistance at 630.00, 634.00, and 640.00 November. Trends in Palm Oil are mixed to down with objectives of 3770 and 3630 September. Support is at 4020, 3990, and 3960 September, with resistance at 4100, 4170, and 4220 September.More By This Author:Softs Report – Monday, July 1Grains Report – Friday, June 28Softs Report – Thursday, June 27
