Oilseeds Report
07 March 2022
Weekly CBOT Soybean Continuous Close
Congratulations to all who held onto their long positions and have made an inordinate amount of money.
I am happy that we have been correct regarding being long, but considering this has all transpired due to WAR leaves me with a hollow feeling.
Please spare a thought for all those affected by this WAR.
I will not be taking a view for a few weeks or until the dust settles.
240 Min CBOT January 22 Soybean Candle Chart
The Black Swan of WAR has ended many careers by its sound, and looking at this chart, all I can say is that another leg up from here seems to be on the cards.
I do not have the stomach to put on a trade though.
Board Crush Continuous Daily Close
There is nothing much to do here, and I am still happy to sit out.
Oil Share Continuous Daily Close
We will be taking profit ASAP.
We have not been stopped on the below view but will put in a stop under 40% as this chart is now highly overbought!
“After kicking off extremely oversold levels and making a new MT low, the chart remains at oversold levels and another leg lower to 42% will get me long. – lets see how this plays out.”
Weekly SAF Soy Continuous Close
Well done to those who were long, although again, I am only sorry this move has come because of WAR.
Now is the time to sit back and wait for the next opportunity as it’s not every day that you will make R500 + on a trade
Weekly SAF Suns Continuous Close
I have had this chart wrong, and WAR’s Black Swan could quickly still drive it higher.
However, I would stay out unless one has to as a turn could happen anytime.
Weekly CBOT Soy Oil Continuous Close
The below has not changed, and we are riding this one into the sunset as we are winning! – (unfortunately, this is playing out due to WAR)
I seem to have this wrong and although we are long, this chart is now grossly oversold on a weekly basis and we need to dig deep and buy more scale down with a stop under $0.52 as the rally is coming, even if its only a kick!
I feel the correction is done (it had another leg lower), and all the pullbacks from here are buying opportunities with upside targets between $0.85 -$0.89! – the correction was obviously not done.
I almost feel that we don’t have enough cash to get as long as we should, buy at best and scale down, this is budget making stuff with a sprinkling of retirement!!!! – hope we don’t go broke before retiring.
Weekly CBOT SBM Continuous Close
Nothing has changed on the weekly chart, but we are happy to stay out until further notice.
This chart, however, could quickly rally from here!