Grains Report – Thursday, Nov. 21


WHEAT
General Comments: The markets were higher again yesterday as tensions r3emined high between Ukraine, the US, and Russia once again. The threat of war expanded with the US allowing longer range missiles to be used and as Russia is deploying North Korean soldiers alongside its own in battles. Russia also updated its nuclear use doctrine to include threats against it from the deployment of US missiles against Russian interests. There were reports of increasing price yesterday price in Russia for the first time in a while and improved growing conditions in the US. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia were negative for prices. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops under good conditions. Russian export offers were under pressure all week. 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 526, 521, and 514 December, with resistance at 559, 565, and 574 December. Trends in Kansas City are mixed to down. Support is at 544, 532, and 527 December, with resistance at 569, 580, and 583 December. Trends in Minneapolis are mixed to down. Support is at 575, 565, and 563 December, and resistance is at 585, 603, and 613 December.DepositPhotos
RICE
General Comments: Rice closed a little lower yesterday and the trends are still up on the charts. The US Dollar was a little lower. Lower Asian prices are still reported. Brazil prices remain strong and well above US prices. The harvest is over now and the crops are being stored. Increased producer selling interest is likely at this time as futures have rallied.
Overnight News:
Chart Analysis: Trends are up. Support is at 1498, 1481, and 1457 January and resistance is at 1538, 1543, and 1556 January.
CORN AND OATS
General Comments: Corn closed higher again yesterday, and futures seem to have found a comfort level around the 430 December area as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong, but the US Dollar has also turned strong and has hurt demand ideas. Thee have been no sales announcements in the daily reports from USDA so far this week. Oats were mixed to higher. The Corn harvest is almost over 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 feature off and on showers over the early and middle parts of the week. The harvest will be complete once the rains move out. 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:
Chart Analysis: Trends in Corn are mixed to down. Support is at 422, 425, and 409 December, and resistance is at 433, 435, and 445 September. Trends in Oats are mixed. Support is at 336, 325, and 314 December, and resistance is at 354, 372, and 384 December.
SOYBEANS
General Comments: Soybeans and Soybean Oil were lower yesterday on ideas of big south American production potential of Soybeans and Trump plans to curb the use of bio fuels order to promote more use of petroleum.. Brazil looks to produce much more than a year ago. 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 US 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. It is currently raining in the Midwest so the last of the harvest will be delayed by at least a few days. 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: USDA said that 198,000 tons of US Soybeans were sold to China and 135,000 tons were sold to unknown destinations. Philippines bought 133,000 tons of US Soybean Meal.
Analysis: Trends in Soybeans are mixed to down. Support is at 986, 977, and 974 January, and resistance is at 1014, 1020, and 1030 January. Trends in Soybean Meal are down. Support is at 285.00, 282.00, and 279.00 December, and resistance is at 293.00, 297.00, and 303.00 December. Trends in Soybean Oil are mixed to down. Support is at 4260, 4150, and 4070 December, with resistance at 4450, 4630, and 4770 December.
PALM OIL AND CANOLA
General Comments: Palm Oil was lower today in response to weaker demand ideas as demand from China has not been good. 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 weaker so far this month. Canola was lower along with Soybean Oil. 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 609.00, 605.00, and 601.00 January, with resistance at 633.00, 652.00, and 660.00 January. Trends in Palm Oil are mixed to down. Support is at 4720, 4640, and 4530 February, with resistance at 4880, 5060, and 5140 February.More By This Author:Softs Report – Wednesday, Nov. 20
Grains Report – Tuesday, Nov. 19
Softs Report – Monday, Nov. 18

Reviews

  • Total Score 0%
User rating: 0.00% ( 0
votes )



Leave a Reply

Your email address will not be published. Required fields are marked *