Grain Update

The Soybeans are back up against their long term swing point at 1170.00. This is 38.2% back to the all-time high. The target on a break from this here is the area of 1038.00 to 1029.00 the first is 38.2% back to the 5/13/19 low and the second is a major Gann square. Any break from this here that does not get below the area of 1100.00 to 1090.00 will keep the market very strong, the first is 23.6% back to the 5/13/19 low and the second is a major Gann square. Provided they can get a solid close back above 1170.00 with the next close above the previous high at 1200.00 the long term target is 1410.00, this is 61.8% back to the all-time high.

The charts below are W.D.Gann natural support and resistance levels based on his "Law of Vibration" for the Jan. contract in Beans and March for Corn and Wheat. Each level can be used as support and then resistance once above and vise versa. They can also be used as swing points and targets. These levels will not change until the end of these contracts, each one has its own signature.

Corn is also up against their long term swing point at 430.00. This 23.6% back to the all-time high. The target on a break from this level is  380.00, this is 38.2% back to the 4/21/20 low.  Any break from here that can only get down to the area of 405.00 to 400.00 keeps the major very strong. The first is a major Gann square and the second is 23.6% back to the 4/21/20 low.

Wheat is above the 590.00 long term swing point, as long as it continues to close above it the long term target is 730.00, before this there are two major Gann squares at 648.00 and 715.00.. With a solid close back below 590.00 the target is 530.00, this is 38.2% back to the 4/30/19 low.