Grains Report
21 February 2022
Weekly Corn Continuous Close
Nothing has changed technically to the below commentary, but all I can say is beware of Ukraine and if it blows and you are long, take the cash!
For those that have faded the rally to over $6.40, I am with you and firmly believe that if we see a continued rally, the $6.60’s will be the highs. – so far so good, but over $6.72 I would be wrong.
I am convinced that the chart will not turn into a massive bull market from here and that my big picture view is that the following $1.00 move will be lower rather than higher (could be famous last words).
Should my above view be correct this chart could be in for a move back towards the low $5.00’s, before becoming a serious buying opportunity once again.
240 Min March 22 Corn Candle Chart Close
Technically nothing has changed, and the ST double tops are not great for the bulls, but maybe uncle Vlad will help them out.
If so, I would take the cash on outstanding longs. – short at $6.60, fingers, toes, and all other appendages are crossed for this one.
If my above view is correct, we could be in for a vicious ST bear market.
Think about what move would hurt the most players, and the answer is a move back sub $6.00!
Weekly WM Continuous Close
I stand by the below view in the face of geopolitical issues; however, I feel the chart could test the top of the range before coming off again.
People, I cannot emphasize just how strong these WEEKLY CLOSE DOUBLE TOPS are and right now, even in the face of high crude and SAM, this chart is not a buy.
Right now IMO any rally back over R3700 would constitute a selling opportunity
Weekly YM Continuous Close
I stand by the below view, but I feel the chart could test the top of the range before coming off again, especially after being oversold.
This chart has reached its target zone and has made MASSIVE Weekly Close double tops.
I am happy to sit on the sidelines until we feel there is more certainty in buying this chart
Weekly KC Wheat Continuous Close
The only thing I can add to the below is that I would now put in a stop profit on a daily close under $8.04.
I like this chart and would be looking at buying a move sub $8.00 – $7.44 as I can see the price heading towards $9.50 before making a significant correction! – this is aging really well, especially since the chart turned around at $7.44.
Keep your eyes on Corn VS Wheat as corn has limited upside, IMO.
An unwinding of the spread could give wheat the kick we require.
Weekly Chicago SRW Wheat Continuous
The only thing I can add to the below is that I would now put a stop profit on a daily close under $7.86.
I like this chart and would be looking at buying at best down to $7.43 as I can see the price heading towards $9.44 before making a significant correction! – another call aging well.
I truly feel that from here, the ST / MT low is in.
Daily Close KC Wheat v Chicago SRW Continuous Close
Selling the rally over $0.30 has me sweating and the only thing helping me keep it together right now is that market is grossly overbought.
Weekly SAF Wheat Continuous Close
The below is still in play but has not confirmed yet, as the chart will need to clear all the MA’s to break higher.
The chart seems to be making a decent correction that should rally over R600 higher within the next ten weeks (it has STILL not broken higher yet).
A rally of this nature would be considered a selling opportunity.
Daily Matif Wheat Continuous Close
I am starting to like
what I see and I am now a buyer of this chart with a stop under €260.00.