WHEAT
General Comments: The markets were lower yesterday in all three markets on reports of deteriorating price in Russia and improved growing conditions in the US. The USDA supply and demand reports released Friday did little to help Wheat prices as domestic and world ending stocks levels were a little above trade expectations at 815 million bushels in the US and 257.6 million tons for the world. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia were also negative for prices. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops. Cash markets in Russia were lower as production estimates remain lower and as demand has waned. Ideas are that Russian exporters are trying to maintain export volumes at the expense of price
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 544, 538, and 532 December, with resistance at 5654, 574, and 580 December. Trends in Kansas City are mixed to down. Support is at 539, 527, and 520 December, with resistance at 562, 569, and 580 December. Trends in Minneapolis are down. Support is at 573, 563, and 556 December, and resistance is at 595, 603, and 613 December.DepositPhotos
RICE
General Comments: Rice closed higher yesterday and trends are turning up on the charts. The US Dollar was higher, and this did not help demand ideas. USDA cut export demand in its latest WASDE report released last week. Lower Asian prices are still reported. Brazil prices remain strong and well above US prices. The US weather has been an issue much of the growing season with too much rain early in the year, but the harvest is over now and the crops are being stored.
Overnight News:
Chart Analysis: Trends are mixed to up. Support is at 1465, 1445, and 1434 January and resistance is at 1494, 1502, and 1513 January.
CORN AND OATS
General Comments: Corn closed lower yesterday as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong. Oats were also lower. Corn has held recent gains relatively better than Soybeans or Wheat. The harvest is winding down but is still active and yield reports in general have been strong. It has been very dry in the Midwest to promote the very active harvest progress and this week looks to be dry after some wet weather passes through today. The harvest will be complete in two weeks or less. Corn is being harvested with dry grain. The Corn is often well below 12% moisture level and this could cost some yield at the end of the day. Crop conditions in southern Brazil and Argentina with reports of ample moisture in southern Brazil and report of improving moisture levels in Argentina.
Overnight News: Mexico bought 401,357 tons of US Corn and USDA received 290,820 tons of Corn for delivery to unknown destinations.
Chart Analysis: Trends in Corn are mixed to up. Support is at 427, 420, and 414 December, and resistance is at 435, 440, and 446 September. Trends in Oats are down. Support is at 330, 323, and 314 December, and resistance is at 349, 357, and 370 December.
SOYBEANS
General Comments: Soybeans and the products were lower. Brazilian farmers are planting what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest recently has hurt production ideas due to ideas of small and very dry beans in the pods. Farmers have focused on Soybeans harvest but now are almost done and are almost done with Corn as well. Soybeans ae often harvested at moisture levels below 10% this year. Central and northern Brazil rains will continue as it looks like the rainy season is now underway. Soils are in much better shape in southern Brazil and Argentina.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1004, 1992, and 986 January, and resistance is at 1020, 1030, and 1044 January. Trends in Soybean Meal are mixed to down. Support is at 288.00, 285.00, and 282.00 December, and resistance is at 3297.00, 303.00, and 309.00 December. Trends in Soybean Oil are mixed to up. Support is at 4680, 4590, and 4440 December, with resistance at 4920, 4990, and 5040 December.
PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on weakness in Crude Oil and competing vegetable oils prices. Ideas of weaker production caused by too much rain and reports of good demand provided support. The private surveyors have indicated that exports have been strong. Canola was lower along with other vegetable oils and oilseeds markets. Canola he;d much better than the competition as the US Dollar held strong and made new highs for the move The harvest is winding down in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 643.00, 635.00, and 625.00 January, with resistance at 665.00, 673.00, and 685.00 January. Trends in Palm Oil are up. Support is at 4890, 4780, and 4700 January, with resistance at 5060, 5120, and 5180 January.Midwest Weather Forecast Scattered showers and some rain. Temperatures should average near normal.More By This Author:Softs Report – Tuesday, Nov. 12
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