Soybeans: Close to a buy signal once again...

The last time we had a perfect storm situation to buy grains, we had a monster rally in both corn and beans. We are now in a similar situation, with the recent surge in Nat Gas affecting fertilizer prices. Weather in Brazil is problematic and China is struggling to produce grains locally...We are once again nearing a situation where reward to risk for buying into grains is tremendous. I'm long Corn futures already for a couple days and waiting for the daily chart to trigger a technical buy signal in Nov Beans to go long as well.

The last weekly signal expires by next week, as a failure, price hit really oversold levels and reached monthly support (see green shaded area). Implications are a retest of the weekly down trend mode (as shown by the arrow on chart), at least, which can then evolve into a new weekly uptrend, once the daily trend turns up. And potentially trigger a new monthly signal similar to the one we had before...This is an interesting juncture to enter long term positions in grain futures.

Cheers,

Ivan Labrie.

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Signal to the downside after today's report, Sep stocks are heavier than expected.
Will have to wait to form a bullish trend again.
This idea is on hold for now, still long corn which looks alright.

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The chart is coiling for an upside move, if you look at Nov 2022 Beans, we have a good setup in the making, Dec 2022 corn has a very good setup, already triggered a bullish trend, I suppose beans can catch up.
I've bought some long term OTM calls, for a very low price, reward to risk if the trade works is huge.

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Dec Corn: