WHEAT
General Comments: Wheat markets were mixed to higher yesterday and trends are sideways in all three markets on the daily and weekly charts. Futures were initially lower as traders anticipated the FED interest rate announcement. The FED raised interest rates by 0.25% as expected by the trade and indicated that more interest rate increases were coming in the next few months. The rally back came on follow through buying tied to news that the US and Germany were about to supply tanks to Ukraine, allowing the war to get hotter while the Wheat develops and the Corn maybe gets planted in Ukraine. Russia has a large production and is undercutting most world prices in the international market. Big Russian production goes against the difficulty of moving grain from the Black Sea due to insurance requirements, but so far the lack of insurance has not increased demand for US Wheat as the Russian Wheat is still moving. The demand for US Wheat in international markets has been a disappointment all year and has been hindered by low prices and aggressive offers from Russia. Ukraine is also looking for new business for its crops and Russia is aggressive in the world market as it looks for cash to fund the war.
Overnight News: The southern Great Plains should get scattered showers in the southern areas. Temperatures should average near to below normal. Northern areas should see mostly dry conditions. Temperatures will average near to below normal. The Canadian Prairies should see isolated snow showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed, Support is at 742, 729, and 721 March, with resistance at 766, 772, and 784 March. Trends in Kansas City are mixed to up with objectives of 895 and 910 March. Support is at 866, 859, and 850 March, with resistance at 895, 901, and 915 March. Trends in Minneapolis are mixed. Support is at 912, 907, and 897 March, and resistance is at 928, 935, and 942 March.

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RICE
General Comments: Rice was a little higher yesterday as the speculative selling seen in the last few days dried up. The short term trends remain down in this market. Demand has been a problem for bullish traders. There is not much going on in the domestic market right now although mills are milling for the domestic market in Arkansas and are bidding for some Rice and although some Rice moved in Texas at what were called very good prices. Demand in general has been slow to moderate for Rice for exports and solid for domestic uses.
Overnight News: The Delta should get isolated showers. Temperatures should be below normal.
Chart Analysis: Trends are down with objectives of 1776 March. Support is at 1776, 1760, and 1750 March and resistance is at 1801, 1825, and 1836 March.

CORN AND OATS
General Comments: Corn was a little higher and Oats a little lower yesterday. Corn was lower in early trading as the market factore in a 0.25% increase in interest rates by the FED. The FED made the move but prices were already moving back to higher again and negated a potential down move for the traders.. Both markets remain in up trends established in early December although the short term trend inboth is now sideways. The export demand was solid last week even though demand remains well behind the pace to make USDA objectives. Brazil has been hanging on for its Summer crop although losses are now being reported. Argentina has suffered through some extreme drought and losses could be large. The Brazil Winter crop is harvested and China is buying the surplus. The Summer crop and the Argentine crop is developing under stressful conditions. The next Winter crop is going into the ground in good conditions, but it has been wet so the Soybeans harvest has been delayed and the Corn planting is becoming delayed as well. Weak demand overall for US Corn remains a big problem for the market. There are increasing concerns about demand with the Chinese economic problems caused by the lockdowns creating the possibility of less demand as South America has much better crops this year to compete with the US for sales. China is now moving rapidly to open the economy and allow people to move around with no lockdowns so the demand could start to improve. The improvement might take some time as the Chinese people get Covid, but they should be past this episode in a few weeks and demand might start to improve at that time.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 673, 669, and 666 March, and resistance is at 689, 693, and 698 March. Trends in Oats are mixed. Support is at 385, 377, and 372 March, and resistance is at 399, 405, and 411 March.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower yesterday on weakness in petroleum futures and on some showers reported in Argentina overnight. Soybean Meal was higher as the weather remains problematic in South America. The FED increased interest rates by 0.25% yesterday as expected by the trade. Some selling ahead of the interest rate announcement was seen in the market. The pattern in southern Brazil and Argentina is shifting back to dry again. Price trends are turning up for Soybeans and Soybean Meal as the harvest in Brazil starts to expand in central and northern areas. These areas have seen too much rain and the harvest has been slow. The weekly charts show that Soybeans are trying to hold an uptrend line established in October while Soybean Meal seems to be bouncing off or support areas established a few weeks ago. Soybean Oil is in a sideways trend. Production potential for the Brazil is called very strong even with potential problems and losses in the south. Even so, production of less than 150 million tons is possible now although most estimates remain near 153 million tons. Argentine production ideas continue to drop with the drought as planting is delayed and the crops already in the ground are stressed. Production estimates are now closer to 40 million tons than original projections near 50 million. Ideas that Chinese demand will improve, but this could take a few more weeks as a very large part of the population now has Covid. This has delayed a robust economic return for the country.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1503, 1487, and 1478 March, and resistance is at 1528, 1537, and 1544 March. Trends in Soybean Meal are mixed to up with objectives of 505.00 and 515.00 March. Support is at 479.00, 472.00, and 468.00 March, and resistance is at 490.00, 496.00, and 502.00 March. Trends in Soybean Oil are mixed. Support is at 5990, 5940, and 5850 March, with resistance at 6240, 6360, and 6470 March.

CANOLA AND PALM OIL
General Comments: Palm Oil traded lower yesterday on demand concerns and on price action in Chicago Soybean Oil. Export demand was less last month. Current forecasts call for the rainy season to end soon and for fieldwork and harvest conditions to improve. China has tried to relax some Covid restrictions so that the economy can start to function again. However, new outbreaks of the virus are being reported and infection rates are rapidly increasing but will start to decrease soon as most have now had Covid. Ideas are that supply and production will be strong, but demand ideas are now weakening and the market will continue to look to the private data for clues on demand and the direction of the futures market. There are still reports of too much rain in Malaysia. Canola was lower yesterday n sympathy with Chicago and despite news that Argentine and southern Brazilian weather could turn hot and dry again and further affect overall Soybeans production in South America. Reports indicate that domestic demand has been strong due to favorable crush margins. Production was much improved this year on better weather during the Summer.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 849.00 and 878.00 March. Support is at 821.00, 815.00, and 799.00 March, with resistance at 837.00, 843.00, and 849.00 March. Trends in Palm Oil are mixed to up with no objectives. Support is at 3810, 3720, and 37690 April, with resistance at 3920, 3990, and 4040 April.

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