You typically get 2-3 opportunities to sell grain each year. The greatest opportunity typically lies just ahead of us in the June/July weather market.
The bean chart below has several noteworthy things happening:
1. Beans will trigger a buy signal on the CCI index in a matter of days.
2. Beans have broken below the yearly cycle trend line. Rallies into new yearly cycles tend to be very strong (notice the rally in June of last year?).
3. we got a possible hammer candle Friday. Hammering out a bottom is what these indicate.
4. Price has broken below the 200 day moving average but price has just moved into the 200 week moving average on the weekly chart.
1. The 200 week moving average tends to act as a support and resistance area for soybeans. I expect we will see prices rebound from here on out.
2. Notice how the 200 week average is beginning to flatten out. This bodes well for soybean prices longer term.