WHEAT
General Comments: All three markets closed higher again yesterday as speculators still hold short positions and as many countries are reported by the White House to have tried to start negotiations on the tariff rates according to the White House. The White House made a pause in the implementation of the reciprocal tariffs for 90 days. The tariffs will cost producers more for inputs and should damage upside price potential. Dry outlooks for the Great Plains and Black Sea regions are still the main feature but rains were seen in West Texas last week. Growing conditions are dry around the world and in the US Great Plains and Winter Wheat crops are emerging from dormancy. Overall demand has been weak.
Chart Analysis: Trends in Chicago are mixed. Support is at 521, 518, and 512 May, with resistance at 546, 553, and 563 May. Trends in Kansas City are mixed. Support is at 553, 546, and 542 May, with resistance at 574, 583, and 598 May. Trends in Minneapolis are mixed to up. Support is at 599, 593, and 578 May, and resistance is at 610, 626, and 635 May.

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RICE
General Comments: Rice closed higher again yesterday as the US will negotiate on tariffs with all countries except China. The White House also announced a pause in implementation of the tariffs for 90 days. Mexico has been exempted from new tariffs but still must deal with tariffs already imposed on their goods. Prices remain cheap and could threaten the planted area as it will cost more to produce Rice than it is getting in the market right now. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters.
Chart Analysis: Trends are mixed to up. Support is at 1315, 1296, and 1284 May and resistance is at 1365, 1393, and 1409 May.

CORN AND OATS
General Comments: Corn closed higher in nearby months but lower in new crop months yesterday as the market reacted to news that the White House has paused implementation of the new reciprocal tariffs by 90 days. Many countries are asking to negotiate according to the White House. There was more talk that tariffs could damage agricultural exports. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are too wet. It’s cold now but is expected to turn warmer this weekend. Oats were about unchanged and the trends are down.
Chart Analysis: Trends in Corn are mixed to up. Support is at 461, 454, and 448 May, and resistance is at 477, 484, and 492 May. Trends in Oats are mixed to down. Support is at 322, 317, and 312 May, and resistance is at 338, 346, and 353 May.

SOYBEANS
General Comments: Soybeans and the products closed higher yesterday as the market got news that the reciprocal tariffs have been put on pause for 90 days. The Whitee House now says that many countries are trying to negotiate on the tariffs. It is possible for Soybeans to rally at least a little more this week. South American production looks strong, with Brazil expected to produce 170 million tons and Argentina producing 49 million tons or a little less. However, the reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were higher as the weather remains too wet to the east and south and too dry to the west. It is cold now but is expected to turn warmer this weekend.
Analysis: Trends in Soybeans are mixed Support is at 993, 970, and 956 May, and resistance is at 1020, 1025, and 1035 May. Trends in Soybean Meal are mixed to up. Support is at 289.00, 280.00, and 277.00 May, and resistance is at 297.00, 301.00, and 304.00 May. Trends in Soybean Oil are mixed. Support is at 4440, 4390, and 4270 May, with resistance at 4720, 4850, and 4920 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today as the outside markets were also higher. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand ideas are weaker. Chart trends are mixed. Canola was higher again yesterday and trends are up on the daily charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. Canada will not be exempted by the 90 day pause.
Chart Analysis: Trends in Canola are mixed t up. Support is at 638.00, 624.00, and 609.00 May, with resistance at 652.00, 657.00, and 673.00 May. Trends in Palm Oil are mixed to down. Support is at 4070, 2910, and 3790 June, with resistance at 4230, 4280, and 4340 June.

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