Oilseeds Report
07 February 2022
Weekly CBOT Soybean Continuous Close
The chart remains bullish, but looking at where the weekly close and where the oscillator is I would advise taking profits for those that are long, because when the music stops playing and believe me it will, you don’t want to be the one without a chair!
If you have not thought about shipping in some puts, the time has come.
Please do not get married to your long position, it will only end in a bitter divorce.
240 Min CBOT January 22 Soybean Candle Chart
The 240 min chart can continue to rally, I don’t like the gaps and the angle of attack, and although this chart should trade higher, I fear heights and would happily take profits on longs and enjoy the chaos.
I have no definitive levels to get involved and hence I am happy on the side lines.
Board Crush Continuous Daily Close
This chart remains wild.
We patiently wait to buy a dip to the previous low at $1.22.
The chart is nearing oversold levels.
Oil Share Continuous Daily Close
#No Change in Commentary
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
To follow up on the below commentary, I can add that I would now take profit on my remaining longs.
I would take 50% of the cash and ride the balance as this chart still has decent upside in the coming weeks.
This chart looks great, and I expect a move to over R8000 in the coming weeks! – this played out very well.
Weekly SAF Suns Continuous Close
This chart is not a true reflection of the Suns market, and come closer to harvest it will likely print R8000.
Weekly CBOT Soy Oil Continuous Close
The below has not changed, and we are riding this one into the sunset.
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 sprinkling of retirement!!!! – hope we don’t go broke before retiring.
Weekly CBOT SBM Continuous Close
To everyone who is square and made some dark ash, stay square until further notice.
To the rest that are short, this chart is designed to get you long at the top, take about 5 years off your life and finally take most of your cash. Beware!