Grains Report
06 June 2022
Weekly Corn Continuous Close
The below looks to be playing out nicely right now, BUT for this chart to print the $7.00 level, it would now need to kick all the back to $7.90.
BEWARE headline risk as there should be more than usual.
After doing some seriously LT tech research, this is the very 1st chart I have seen that has an 11.08 extension and its with this in mind that I feel we will have a multi week correction that eventually comes and prints the low $7.00 levels again.
I remain bullish in the greater scheme of things and a pullback of this nature would be seen as a magnificent buying opportunity.
240 Min July 22 Corn Candle Chart Close
The chart went through the $7.50’s like a hot knife through butter.
Based on the current formation this chart either moves to $7.44 and makes its last leg lower or just moves hard north from here with targets at $7.90.
Because of the above view I would only look to hold onto positions for $0.30 and no more as volatility is here to stay in a very big way.
Weekly WM Continuous Close
After experiencing over a R250 correction, I can now say that a rally in this chart would constitute a selling opportunity.
For the producers that sold into strength congratulations and for those that have not, beware harvest pressure is coming and scoreboard pressure will be worse because once we hit R4100 all you will be able to think of is the R700 you left on the table. I would still use strength to price!
Weekly YM Continuous Close
After experiencing over a R250 correction, I can now say that a rally in this chart would constitute a selling opportunity.
For the producers that sold into strength congratulations and for those that have not, beware harvest pressure is coming and scoreboard pressure will be worse because once we hit R4200 all you will be able to think of is the R600 you left on the table. I would still use strength to price!
Weekly KC Wheat Continuous Close
I would advise sitting out until further notice as the risk of a deep pullback is very high.
Weekly Chicago SRW Wheat Continuous
I would take profit on all longs and go square as the risk of a deep pullback is pretty high.
Weekly Close KC Wheat v Chicago SRW Continuous Close
I want to buy this chart at $0.60!
Patience is a virtue!
Weekly SAF Wheat Continuous Close
I am now super keen to buy this chart right here, right now scale down to R7850!
Daily Matif Wheat Continuous Close
I would take profits on
all longs and go square and only look at buying 15% lower!
This formation is ugly AF
and could cost you!