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    CHRISTMAS CONSOLIDATION OR LONG-TERM BEARISH TREND?

    16 Dec 2021
    Trees do not climb to the sky, even if sometimes farmers believe they can. We have been repeating this adage for months. We have been warning our clients that, sooner or later, as we approach new crop harvest, prices will start reflecting the probability of a restocking cycle in 2022. We are not there as yet, but markets are currently showing the first signals of weakness. So, shall we consider it as a short-term profit taking or shall we view it as a real, longer-term change of trend?

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