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Wednesday, January 22, 2025 1:14:54 PM
Grains Report: Wheat, Rice, Corn and Oats, Soybeans, Canola and Palm Oil
By: Jack Scoville | January 22, 2025
• WHEAT
General Comments: All three markets closed higher on reports of stronger overseas values and very cold weather witnessed in the US Chart trends turned up. Russian and Ukrainian prices were higher and helped rally world values. Reports of weather problems in Australia also supported the world market as Australia has seen some extreme weather lately. The USDA reports were not bullish to Wheat as plantings were higher than trade expectations as were world ending stocks estimates. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of steady to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 542, 533, and 526 March, with resistance at 561, 569, and 577 March. Trends in Kansas City are up. Support is at 569, 563, and 559 March, with resistance at 577, 588, and 591 March. Trends in Minneapolis are mixed to up. Support is at 598, 587, and 581 March, and resistance is at 611, 618, and 625 March.
• RICE:
General Comments: Rice closed higher yesterday. Prices got very cheap early this Winter but have rebounded as farmers have not been selling. Export sales have not been strong, and domestic demand is there but is not strong enough right now to bid prices much higher. Milling yields have been called poor at 50 lbs instead of 55 lbs. There are some questions about the milling quality of the new crop Rice and that will help keep demand from mills for good Rice stronger than it might have been. The trends are still up the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong, but the difference is gone to world buyers as the Real is much lower against the US Dollar.
Overnight News:
Chart Analysis: Trends are up. Support is at 1443, 1434 and 1423 March and resistance is at 1500, 1516, and 1530 March.
• CORN AND OATS
General Comments: Corn closed higher and at new highs for the move yesterday on news of less than expected rains for Argentina and southern Brazil. The rains will help preserve strong yield potential although more will be needed soon. The overall market fundamentals remain bullish. USDA surprised the market by cutting yield estimates in its reports released a week ago. The yield and production estimates were below all trade guesses. US ending stocks were equal to the lowest trade estimate. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here next week. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff later. The US is also the major supplier to the world of Corn right now so the sales could hold relatively strong even with trade wars possible. It is now very cold in the Midwest so it will get harder for Corn buyers to convince farmers to sell. Oats were higher.
Overnight News: Unknown destinations bought 136,000 tons of US Corn
Chart Analysis: Trends in Corn are up. Support is at 460, 457, and 453 March, and resistance is at 499, 504, and 508 March. Trends in Oats are up. Support is at 358, 350, and 343 March, and resistance is at 376, 383, and 394 March.
• SOYBEANS
General Comments: Soybeans closed as beneficial rains were not seen in southern Brazil and Argentina. More rain will be needed before the harvest to finish the crops. The fundamentals remain mixed to bearish. Bullish US production estimates released by USDA a week ago showed that ending stocks are now estimated at 350 million bushels. This is still a lot of Soybeans but much less than before. President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers have planted what is expected to be a very big crop in central and northern areas of the country. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose and in part as the dryness seen before the harvest made US Soybeans easier to store for use down the road. Soybeans are offered cheaper in South America now and the weekly export sales report showed less sales than seen earlier in the season.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1049, 1030, and 1009 March, and resistance is at 1079, 1090, and 1095 March. Trends in Soybean Meal are mixed to up. Support is at 395.00, 299.00, and 294.00 March, and resistance is at 305.00, 310.00, and 315.00 March. Trends in Soybean Oil are mixed. Support is at 4530, 4480, and 4370 March, with resistance at 4710, 4790, and 4940 March.
• PALM OIL AND CANOLA
General Comments: Palm Oil closed lower today on reports of weaker demand. Indonesia wants to use a blend of 40% of Plam Oil in its gasoline mixtures, but this has proved to be expensive and might need to be reduced and allow for increased exports. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was lower along with the strength in the Canadian Dollar. The market is holding above the December highs in part due to the bullish USDA reports. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down. Support is at 603.00, 592.00, and 589.00 March, with resistance at 634.00, 641.00, and 648.00 March. Trends in Palm Oil are mixed to down. Support is at 4100, 4020, and 3910 April, with resistance at 4300, 4350, and 4440 April.
Midwest Weather Forecast: Mostly dry. Temperatures should average below normal.
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DiscoverGold
By: Jack Scoville | January 22, 2025
• WHEAT
General Comments: All three markets closed higher on reports of stronger overseas values and very cold weather witnessed in the US Chart trends turned up. Russian and Ukrainian prices were higher and helped rally world values. Reports of weather problems in Australia also supported the world market as Australia has seen some extreme weather lately. The USDA reports were not bullish to Wheat as plantings were higher than trade expectations as were world ending stocks estimates. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of steady to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 542, 533, and 526 March, with resistance at 561, 569, and 577 March. Trends in Kansas City are up. Support is at 569, 563, and 559 March, with resistance at 577, 588, and 591 March. Trends in Minneapolis are mixed to up. Support is at 598, 587, and 581 March, and resistance is at 611, 618, and 625 March.
• RICE:
General Comments: Rice closed higher yesterday. Prices got very cheap early this Winter but have rebounded as farmers have not been selling. Export sales have not been strong, and domestic demand is there but is not strong enough right now to bid prices much higher. Milling yields have been called poor at 50 lbs instead of 55 lbs. There are some questions about the milling quality of the new crop Rice and that will help keep demand from mills for good Rice stronger than it might have been. The trends are still up the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong, but the difference is gone to world buyers as the Real is much lower against the US Dollar.
Overnight News:
Chart Analysis: Trends are up. Support is at 1443, 1434 and 1423 March and resistance is at 1500, 1516, and 1530 March.
• CORN AND OATS
General Comments: Corn closed higher and at new highs for the move yesterday on news of less than expected rains for Argentina and southern Brazil. The rains will help preserve strong yield potential although more will be needed soon. The overall market fundamentals remain bullish. USDA surprised the market by cutting yield estimates in its reports released a week ago. The yield and production estimates were below all trade guesses. US ending stocks were equal to the lowest trade estimate. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here next week. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff later. The US is also the major supplier to the world of Corn right now so the sales could hold relatively strong even with trade wars possible. It is now very cold in the Midwest so it will get harder for Corn buyers to convince farmers to sell. Oats were higher.
Overnight News: Unknown destinations bought 136,000 tons of US Corn
Chart Analysis: Trends in Corn are up. Support is at 460, 457, and 453 March, and resistance is at 499, 504, and 508 March. Trends in Oats are up. Support is at 358, 350, and 343 March, and resistance is at 376, 383, and 394 March.
• SOYBEANS
General Comments: Soybeans closed as beneficial rains were not seen in southern Brazil and Argentina. More rain will be needed before the harvest to finish the crops. The fundamentals remain mixed to bearish. Bullish US production estimates released by USDA a week ago showed that ending stocks are now estimated at 350 million bushels. This is still a lot of Soybeans but much less than before. President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers have planted what is expected to be a very big crop in central and northern areas of the country. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose and in part as the dryness seen before the harvest made US Soybeans easier to store for use down the road. Soybeans are offered cheaper in South America now and the weekly export sales report showed less sales than seen earlier in the season.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1049, 1030, and 1009 March, and resistance is at 1079, 1090, and 1095 March. Trends in Soybean Meal are mixed to up. Support is at 395.00, 299.00, and 294.00 March, and resistance is at 305.00, 310.00, and 315.00 March. Trends in Soybean Oil are mixed. Support is at 4530, 4480, and 4370 March, with resistance at 4710, 4790, and 4940 March.
• PALM OIL AND CANOLA
General Comments: Palm Oil closed lower today on reports of weaker demand. Indonesia wants to use a blend of 40% of Plam Oil in its gasoline mixtures, but this has proved to be expensive and might need to be reduced and allow for increased exports. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was lower along with the strength in the Canadian Dollar. The market is holding above the December highs in part due to the bullish USDA reports. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down. Support is at 603.00, 592.00, and 589.00 March, with resistance at 634.00, 641.00, and 648.00 March. Trends in Palm Oil are mixed to down. Support is at 4100, 4020, and 3910 April, with resistance at 4300, 4350, and 4440 April.
Midwest Weather Forecast: Mostly dry. Temperatures should average below normal.
Read Full Story »»»

Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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