CJS Securities

Grains Report

06 September 2021

Weekly Corn Continuous Close

I wish I could change the below commentary from last week, but alas there is very little change ahead of this Friday’s WASDE. 

The chart remains in a corrective phase with very little movement over the last 2 weeks.   

The correction will only break with a weekly close over $6.42.

I would only consider the Bull story to be over should we have a Weekly close under $4.56.

Until then, all the deep dips REMAIN buying opportunities. 

The rallies remain selling opportunities (profit taking only) and the dips remain buying opportunities (getting long)! 

I REMAIN really bullish in the “big picture” but, we could easily see this market come off after trying to print $6.00, so in short you may well have the chance to get long sub $5.00!

240 Min December 21 Corn Candle Chart Close

I am now not sure this chart can print $6.00 – $6.11 anymore before looking to pullback and printing a minimum downside for $5.16 – $4.99 and potentially as low as $4.70.

This chart might just trade straight down from here but I don’t expect this pullback to be sustained and at this stage I highly doubt we will see a daily close under $5.00.

Should we see the sub $5.00 level IMO it would only be intra day. 

I REMAIN a proponent of BTD’s and take cash on the rallies!.


Weekly WM Continuous Close

All the dips are buying opportunities and after having a closer look I feel that R2800 (DEC21) will be on the very low side should we get there, however R2700 is the bottom of the range on the spot month.

 My ZAR flat price view is that R3000  – R2800 will be the ultimate low should we get there and that one cannot afford to be caught short as a change of trend can occur at any moment.  


Weekly YM Continuous Close

The pullback seems to be on the cards but all pullbacks are buying opportunities although I would not fancy a daily close under R3135 as it could give way to another R150 lower.

However this fits into the WM view.

 Once the correction is over this chart will be looking to break out to the upside by R500 or more and make new MT highs.  

Weekly KC Wheat Continuous Close

This chart has ST double tops and I now expect a decent pullback in the coming weeks.

 We are now patiently waiting to buy this pullback and will start to buy scale down from $7.00.


Weekly Chicago SRW Wheat Continuous

#No Change in commentary

 There are now very decent weekly double tops and we would take all the cash off the table as we will get another buying opportunity in the coming weeks.

The bull market is far from over but 2 – 5 weeks of consolidating / correcting will do this chart a world of good.  

 We would now look to buy scale down from $7.25!

 The bull market is far from over!


Daily Close KC Wheat v Chicago SRW Continuous Close

#No Change in commentary

 Over the last 2 weeks this chart has had a decent correction and seems to have started its new rally.

The chart looks well headed to $0.15 in the coming weeks.

 All I can say that I would take a sneaky punt on the chart, but definitely not basket balls and all.  

Weekly SAF Wheat Continuous Close

 This chart has had a great rally.

 I would struggle to buy right, here right now as the oscillator is now highly overbought and if I were long I would be banking the cash.

Daily Matif Wheat Continuous Close

After a monster rally this chart looks busy with a deep, deep pull back and although I might want to buy the dip, I would advise patience.

 This chart could end up taking players to the cleaners and hence I will let the formation play out until next week.

 Having said all the above I would be happy to buy sub €232.00.