Check out the weekly candlestick in beans and it's meal, an elegant gravestone doji. Bullish gravestone doji is formed when stock is in the downtrend. Even though bullish gravestone doji is not highly visible pattern, but this pattern is reliable pattern if it formed in the major support level. Gravestone doji is a reversal stock trading pattern that can be bearish as well as bullish depending on the position of gravestone doji candlestick.
Furthermore, finally, meal showed independent strength in contrast to the bean oil. And it is a given that any real soybean rally, to have any gumption, it must be led by the meal. We are clearly at the corner of Hollywood and Vine. At the junction of the yellow brick road and the highway to hell. That there identical WEEKLY candle for both beans and meal is a really, really big show!
Harvest looms, cards now must be shown. Hole cards flipped. Let's see what the dealer has!
harvest looms and what a disappointment it is going to be. Early corn yields here on the early well drained soils are down, way down, Early planted beans that have been cut are equally disappointing. The rest are so late that farmers are sowing wheat on their PP ground. I have been patient with this market. I still believe we are in for a rally this fall...by the way our late planted crops needed lots of rain to finish....not hardly a sprinkle this entire month.
Same deal with hay here in New York. Terrible year, June was a washout. Impossible to string together 4 dry days in a row, 3 if you're lucky. And that's every other week or not even. Tightness this Spring completely ate up all the old hay. Right now, haying is over. Sun too low in the sky. Almost as soon as the dew lifts, seems like it falls again. No heat. The only hay in existence is this year's crop. No last year's or 2 year old hay. Brokers calling me yesterday, wanting to come today and buy all my hay. I said that I'm a gambler. Will wait for next spring. Fireworks, both demand and supply driven, in unison.
March 2020 Soybeans Weekly showing the "GRAVESTONE DOJI"
Soybean Meal March 2020 Weekly GRAVESTONE
