So, the weakness in corn and soybeans seen yesterday allowed wheat bears to try to gain control again, and the market ended up trading basically the same range as Tuesday while closing at the opposite end of that range.
The reports showed good supplies for wheat and the supplies were higher than trade expectations. The planted area was below trade expectations. More rains were seen in the southern Midwest and into the Mid South yesterday, and quality concerns about wheat continue to mount as the harvest gets more and more delayed.
World weather conditions remain mixed, with conditions still too hot and dry in France, Poland, and the New Lands of Russia and Kazakhstan. It is possible that the market is at or near a short term high, but it is still a weather market and the rally could continue if the weather does not get better.
The US Midwest looks to turn drier, but rains will remain in the Mid South and the world conditions could continue to show dry pockets in Europe and Asia. El Nino could continue to hurt Australian potential if it holds, and El Nino is expected to remain in place through the end of the year.
Overnight News: The southern Great Plains should see dry conditions or light showers. Temperatures should average above normal.
Northern areas should get showers today and Sunday. Temperatures should average near to above normal.
The Canadian Prairies should see scattered showers tomorrow through Thursday and dry weather today and Friday.Temperatures will average above normal.
Chart Analysis: Trends in Chicago are up with objectives of 621 and 703 September. Support is at 576, 558, and 551 September, with resistance at 601, 613, and 617 September.
Trends in Kansas City are mixed to up with no objectives. Support is at 574, 565, and 553 September, with resistance at 602, 611, and 617 September.
Trends in Minneapolis are mixed to up with no objectives. Support is at 606, 598, and 594 September, and resistance is at 640, 642, and 653 September.