WHEAT
General Comments: Wheat markets were higher and trends turned up on the daily charts. Futures rallied on cold weather in the Great Plains. It has been dry but there are forecasts for some precipitation soon. Only Texas might miss good precipitation but still should get something. The weather is currently too cold and dry in the northern Great Plains and in the Canadian Prairies and farmers can’t plant. Some rain and snow has appeared in some forecasts and the northern areas should turn colder. The chart trends are turning up on the weekly charts. Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be variable. Northern areas should see general rains. Temperatures will be near to below normal. The Canadian Prairies should see showers and rains. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are up with objectives of 670 and 709 May. Support is at 644, 637, and 628 May, with resistance at 665, 669, and 672 May. Trends in Kansas City are up with objectives of 614, 648, and 678 May. Support is at 591, 587, and 581 May, with resistance at 610, 620, and 623 May. Trends in Minneapolis are up with objectives of 671 and 690 May. Support is at 658, 650, and 639 May, and resistance is at 668, 674, and 680 May.

RICE
General Comments: Rice was a little higher in the active months and sharply higher in deferred months on no trade. Futures remain in a sideways pattern with no reason to move up or down in any big way. USDA released its monthly supply and demand reports on Friday and ending stocks were higher. Demand has been solid for exports but less for the mills and this remains the feature of the trade. The export demand has been primarily for paddy Rice and not for milled Rice. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to lower last week. New crop Rice is mostly planted in Texas and planting is more than three quarters done in Louisiana. Mississippi is underway but it remains too cold in Arkansas for much planting to get done.
Overnight News: The Delta should get rains. Temperatures should be below normal.
Chart Analysis: Trends are mixed to down with objectives of 1287, 1264, and 1246 May. Support is at 1300, 1290, and 1283 May, with resistance at 1319, 1330, and 1345 May.

CORN AND OATS:
General Comments: Corn closed higher as wet and cold weather is likely for parts of the Midwest. A weaker US Dollar created some ideas about increasing inflation for speculators. The market is worried about already planted Corn that could be damaged in the next week. Fieldwork is being delayed but it is still early in the season. Chinese demand had been strong until recently and it looks like they need the Corn. Prices inside China for Corn remain extremely high. It is drier in central and parts of northern Brazil, and farmers have finally harvested the Soybeans area and planted the Winter Corn. The Winter Corn crop progress is well behind normal. Argentina is dry again and Corn in Argentina is losing yield to dry conditions and crop stress. Southern Brazil is also dry. Argentina has sold some Wheat and Corn to Brazil and more sales are likely. USDA released its newest WASDE supply and demand estimates last Friday and the reports were called neutral by the trade. US and world ending stocks are trending lower.
Overnight News: Ethanol production was 941,000 barrels per day last week, from 975,000 last week, and 570,000 barrels per day last year. Ethanol stocks are now 20.5 million barrels, from 20.6 million the previous week and 27.5 million a year ago. Ethanol production used 92.2 million bushels of corn last week, from 95.6 million the previous week, and 56.9 million a year ago.
Chart Analysis: Trends in Corn are up with objectives of 604, 607, and 614 May. Support is at 584, 566, and 561 May, and resistance is at 602, 608, and 614 May. Trends in Oats are mixed to up with objectives of 391, 409, and 457 May. Support is at 376, 371, and 367 May, and resistance is at 386, 387, and 390 May.

SOYBEANS
General Comments: Soybeans and the products closed higher on ideas that a weaker US Dollar could create inflation and on the cold and wet weather now seen in the Midwest. The current weather will not really permit much early planting progress but there is still plenty of time to get the crops in. The USDA report released on Friday showed unchanged ending stocks estimates for the US. However, Brazil Soybeans production was increased and Argentine Soybeans production held steady. The trade had expected some increase in the Brail production after private estimates from Brazil showed higher production. The Argentine estimate was a surprise as the market had expected less production from there. The Brazil harvest had been delayed due to late planting dates early due to dry weather and now too much rain that has caused harvest delays and some quality problems in the north as well. Harvest activities have increased and is almost complete. China has been buying for next year here but now is buying mostly in South America. US internal demand has been strong.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1399, 1378, and 1365 May, and resistance is at 1420, 1435, and 1446 May. Trends in Soybean Meal are mixed. Support is at 395.00, 390.00, and 385.00 May, and resistance is at 406.00, 409.00, and 418.00 May. Trends in Soybean Oil are mixed to up with objectives of 5620, 5900, and 5920 May. Support is at 5340, 5090, and 5020 May, with resistance at 5460, 5500, and 5570 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on the back of the rally in Soybean Oil in Chicago overnight and on ideas of increasing export demand for the second half of April. Palm Oil closed higher last week on reports of good demand from the private sources for March and the first part of April. Ideas of tight supplies are still around. The production of Palm Oil is down in both Malaysia and Indonesia. Canola was higher on ideas of tight supplies combined with a drought in the Canadian Prairies. Soybean Oil and Palm Oil were higher. Worries about South American production are supporting both markets.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 840.00 and 878.00 May. Support is at 819.00, 805.00, and 796.00 May, with resistance at 842.00, 848.00, and 854.00 May. Trends in Palm Oil are mixed to down with objectives of 3380 and 3180 July. Support is at 3430, 3360, and 3300 July, with resistance at 3580, 3630, and 3720 July.