WHEAT
General Comments: Wheat was a little higher in all three markets on stable overseas prices reported in Russia and Europe. US harvest progress and ideas of good crops went against reports of hot and dry weather in eastern Europe and Russia and too wet weather in France and Germany are still heard and the weather there affecting world production estimates. There were more reports of dry conditions coming this week to Russian growing areas although Spring Wheat areas have seen too much rain. Eastern Europe is also hot and dry. Western Europe has seen too much rain.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 545, 540, and 534 September, with resistance at 568, 574, and 581 September. Trends in Kansas City are mixed. Support is at 531, 528, and 522 September, with resistance at 559, 567, and 579 September. Trends in Minneapolis are mixed. Support is at 579, 574, and 568 September, and resistance is at 601, 613, and 629 September.DepositPhotos
RICE
General Comments: Rice closed higher again yesterday on what appeared to be speculative short covering tied in part to ideas of a reduction in the Texas crop due to poor weather. The US weather has been an issue much of the growing season with too much rain early in the year. Some areas are now too dry, especially in Texas, and Texas yields are down as a result as the harvest moves forward. However, planted area has increased from last year and so most are looking for a rebound in production this year
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1480, 1472, and 1453 September and resistance is at 1509, 1516, and 1532 SeptemberCORN AND OATS
General Comments: Corn and Oats closed a little lower yesterday in quiet trading. Oats rallied to the upper end of the recent trading range. The Pro Farmer crop tour has started and found good Corn and Soybeans crops in Indiana, but slightly less yield potential than USDA for the current year. The crops in Nebraska showed signs of heat stress and a lack of rain and some insect stress. Yields for both states were calculated to be slightly below USDA estimates. Increased US demand comes from the fact that Corn prices are already the cheapest in the world. Current forecasts call for cooler and drier weather for the Midwest this week.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 367, 364, and 361 September, and resistance is at 385, 390, and 402 September. Trends in Oats are mixed. Support is at 323, 315, and 313 September, and resistance is at 336, 348, and 358 SeptemberSOYBEAN
General Comments: Soybeans and the products were mostly a little higher yesterday on speculative short covering generated by a stronger demand news and news from the Pro Farmer crop tour. Trader reported good production potential from the Pro Farmer crop tour in Indiana, but less than ideal conditions in Nebraska. Pod counts were a little below current USDA estimates. This week should be dry and temperatures should turn warmer later this week amid dry weather and western areas should stay warm and dry. Reports indicate that China remains an active buyer of Soybeans in Brazil but is buying a lot in the US as well. Mexico bought US Soybeans this week. Domestic demand has been strong in the US.
Overnight News: Unknown destinations bought 121,00-0 tons of US Soybeans and China bought 132,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 952, 939, and 928 September, and resistance is at 973, 1007, and 1018 September. Trends in Soybean Meal are mixed. Support is at 309.00, 302.00, and 300.00 September, and resistance is at 323.00, 325.00, and 329.00 September. Trends in Soybean Oil are mixed. Support is at 3970, 3860, and 3800 September, with resistance at 4130, 4190, and 4360 September.PALM OIL AND CANOLA
General Comments: Palm Oil was higher today along with Chicago price action. Indian imports of Palm Oil were the highest for the year in July. Exports are 834,948 tons so far this month. Reports indicate that production is rising as well. 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, and the trends are down on the daily charts. Canola was lower on ideas of increasing producer offers as oilseed supplies look to be ample in the coming year and as demand ideas are down. The weather has called for dry conditions in the Prairies, but growing conditions overall are good.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 562.00, 558.00, and 546.00 November, with resistance at 575.00, 588.00, and 591.00 November. Trends in Palm Oil are mixed. Support is at 3670, 3640, and 3610 November, with resistance at 3780, 3810, and 3820 November.Midwest Weather Forecast Mostly dry. Temperatures should average near to below normal.More By This Author:Softs Report – Tuesday, Aug. 13
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