Commodity_Operator

Commodity_Operator

Without a S. American weather problem soybeans could struggle. Corn and wheat are doing the heavy lifting. I am neutral this market for now.

Commodity_Operator

In (3) of 3-the power leg. Wheat has been leading the ag commodity sector.

Commodity_Operator

Not much fundamentally going on with corn which makes me like this rally even more. I'm buying 3 swing set backs.

Commodity_Operator

I am looking for a test of 506^6. If it holds the correction could be done. If it breaks then I am looking for more down side. Early #soybean planting in S. America helps the chances of a better second crop of #corn. High fertilizer prices and availability could hurt corn acres in the northern hemisphere for 2022. Watching for clues.

Commodity_Operator

I have updated my wave count on short soybeans. I am posting it as a new idea. Maybe I'm suppose to update the old?? IDK , new to this s**t. South American weather is ideal for planting-this is not bullish soybeans. Crush margins are great in the USA keeping basis firm through harvest.

Commodity_Operator

Fundamentally looking for soybeans to drift lower through fall and reaching the .618 level of the impulsive move higher that started last year. Since this is a continuation chart I am not married to that level but will be looking for signs of bottoming. The catalyst higher will come with Chinese buying and South American weather premium.