Grains Report
23 May 2022
Weekly Corn Continuous Close
After doing some seriously LT tech research, this is the very first 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
After failing to hold the expanding triangle this chart now seems more classical than before.
We should now look to trade down to the low $7.60’s before kicking again.
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
#No Change in Commentary
There remains ZERO technical reason to sell this chart, but its could easily experience a R250 downside correction.
If you are a producer and you are reading this, now is your chance to price. – starting to sound like a broken watch
Weekly YM Continuous Close
#No Change in Commentary
The techs looks really good and I cannot find a reason to be short this chart even tough it could pullback R250 from here quite easily.
We could easily see the price rally from here.
If you are a producer and you are reading this, now is your chance to price. – starting to sound like a broken watch
Weekly KC Wheat Continuous Close
For those that were long and took profits well done!
I would now advise sitting out until further notice.
Weekly Chicago SRW Wheat Continuous
For those that were long and took profits well done and for those waiting there is every chance that this chart will make a new high.
Weekly Close KC Wheat v Chicago SRW Continuous Close
I want to buy this chart at $0.60!
The chart REMAINS highly overbought on a weekly basis
Weekly SAF Wheat Continuous Close
#No Change in Commentary
This chart has had a great rally and although we missed our buy levels, for those that are long, this may not be a bad time to take some risk off the table.
Daily Matif Wheat Continuous Close
I would take profits on all longs and go square!
This formation is ugly AF and could cost you.