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WHEAT
General Comments: Wheat markets were mostly a little lower yesterday, but a little higher in Kansas City. Trends are sideways in all three markets on the daily and weekly charts. The rally came on 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. Ukraine has also asked for fighter planes, but the west has so far refused to supply them. Russia is said to be plotting a huge new invasion of Ukraine as well. Russia has a large production and is undercutting most world prices in the international market. However, Russian production estimates have started to drop recently., There have been ideas that boats would not haul Russian or any Black Sea Wheat due to the insurance companies pulling the underwriting, 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 southeastern areas. Temperatures should average near toabove normal. Northern areas should see mostly dry conditions. Temperatures will average above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed, Support is at 742, 729, and 721 March, with resistance at 776, 784, and 792 March. Trends in Kansas City are mixed. 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 932, 935, and 942 March.

RICE
General Comments: Rice was lower again yesterday and 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 Tein quiet trading 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 mostly dry conditions. Temperatures should be below normal.
Chart Analysis: Trends are down with objectives of 1776 March. Support is at 1760, 1750, and 1735 March and resistance is at 1777, 1791, and 1801 March.

CORN AND OATS
General Comments: Corn closed a little higher and Oats closed narrowly mixed yesterday. Both markets remain in up trends established in early December although the short term trend in both is now sideways and are turning down in Oats. 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. There are 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
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 672, 669, and 666 March, and resistance is at 682, 686, and 689 March. Trends in Oats are mixed. Support is at 377, 372, and 364 March, and resistance is at 392, 399, and 405 March.

SOYBEANS
General Comments: Soybeans were lower yesterday in response to news that the US had shot down what was supposed to be a spy balloon over the Atlantic. The US government let the balloon fly over land but shot it down once it was safely out to sea. China has protested this but has not done anything else about it. The market fears escalating tensions between the big world buyer in ag goods and an important seller.. Soybeans seem to have settled into a trading range amid conflicting fundamentals, The products were mixed, with Soybean Meal closing higher and Soybean Oil closing lower along with weakness in petroleum values. The pattern in southern Brazil and Argentina is dry again. The harvest in Brazil is slowly expanding in central and northern areas. These areas have seen too much rain and the harvest has been slow. 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 1511, 1503, and 1487 March, and resistance is at 1540, 1544, and 1548 March. Trends in Soybean Meal are up with objectives of 505.00 and 515.00 March. Support is at 488.00, 470.00, and 472.00 March, and resistance is at 500.00, 502.00, and 505.00 March. Trends in Soybean Oil are down with objectives of 5750, 5700, and 4400 March. Support is at 5760, 5640, and 5520 March, with resistance at 6020, 6080, and 6150 March.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher today on price action in Chicago Soybean Oil and on news of new Indonesia export controls. Export demand was less last month but could improve as the new controls in Indonesia are enacted. 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 higher again yesterday on news that Argentine and southern Brazilian weather has turned hot and dry again and further affect overall Soybeans production in South America. Crude Oil was higher and the Canadian Dollar was weaker to support futures as well. 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. Producers are holding on t crops right now as the prices rally and will wait for a top before selling again..
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 820.00, 815.00, and 799.00 March, with resistance at 837.00, 843.00, and 849.00 March. Trends in Palm Oil are mixed. Support is at 3720, 3690, and 3600 April, with resistance at 3870, 3920, and 3990 April.

Midwest Weather Forecast: Mostly dry conditions Temperatures should average below normal.

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