WHEAT
General Comments: Wheat was lower in all three markets yesterday on some new speculative and commercial selling. The weekly export sales report is out and as there has been some positive demand news amid production problems in Russia and Europe. US harvest progress and ideas of good yields and 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 hot temperatures coming this week to Russian growing areas. It has also been very dry there. 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 520, 514, and 508 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are mixed. Support is at 545, 540, and 534 September, with resistance at 590, 601, and 618 September. Trends in Minneapolis are mixed. Support is at 583, 574, and 5568 September, and resistance is at 628, 636, and 646 September.depositphotos
RICE
General Comments: Rice closed a little lower yesterday as the market seems to be consolidating before the USDA reports on Monday. 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. However, planted area has increased from last year and so most are looking for a rebound in production this year. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1478, 1452, and 1431 September and resistance is at 1538, 1544, and 1566 September
CORN AND OATS
General Comments: Corn and Oats closed lower yesterday with selling seen in Wheat and Soybeans and on ideas of good growing conditions in the Midwest and talk of very strong yield potential. Current forecasts call for cooler and drier weather for the Midwest this week but hot weather could return next week. Northern areas such as southern Minnesota have had way too much rain but the weather is better now. Some selling came from reduced demand ideas but demand remains solid overall.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 379, 376, and 373 September, and resistance is at 414, 426, and 446 September. Trends in Oats are mixed. Support is at 317, 311, and 302 September, and resistance is at 335, 348, and 364 September
SOYBEAN
General Comments: Soybeans and Soybean Meal were lower and Soybean Oil closed higher. Demand news was moderate for both Soybeans and Soybean Meal last week with big sales announced on the daily system. There was more beneficial precipitation in much of the Midwest over the last week. This week should be dry and temperatures should turn cooler amid dry weather this week. Some selling came from reduced demand ideas. Reports indicate that China remains an active buyer of Soybeans in Brazil. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with no objectives. Support is at 1992, 980, and 968 September, and resistance is at 1018, 1033, and 1047 September. Trends in Soybean Meal are mixed to down with objectives of 311.00 and 293.00 September. Support is at 320.00, 316.00, and 313.00 September, and resistance is at 330.00, 336.00, and 339.00 September. Trends in Soybean Oil are mixed. Support is at 4130, 4030, and 3970 September, with resistance at 4260, 4350, and 4510 September.
CANOLA AND PALM OIL
General Comments: Palm Oil was higher yesterday with ideas of expanding world oilseeds production and weakness in outside markets. 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 higher 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 585.00, 572.00, and 560.00 November, with resistance at 605.00, 617.00, and 627.00 November. Trends in Palm Oil are mixed to down with no objectives. Support is at 3680, 3620, and 3560 October, with resistance at 3770, 3830, and 3880 October.More By This Author:Softs Report – Monday, Aug. 5
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