Grains Special update 11/1/22

OVERVIEW

Soybeans
From last week,

Use 1368.00 as the swing point to start the week again.

After holding this level all of last week, it has now rallied 68 cents so far. It is still short of our upside target based on the ONE44 61.8% rule and when using the major Gann squares.

Soybean Meal
From last week,

It spent the first 4 day's trading at the 414.00 swing point for the week, this is a major Gann square. Using the major Gann squares we are looking for the next one at 438.40. Using retracements we are looking for 432.50, making the target area 432.50 to 438.40.

Monday's high was 440.50 and it closed back below 432.00, a good indication of a temporary top.

Soybean Oil
From last week,

Use 74.00 as the swing point to start the week.

Last week's high fell 3 ticks short of our long term target of 74.00, this week it has traded above it, but not closed above it. With a close below the 72.43 major Gann square you can look for...

Corn

From last week,

Use the 693.75 major Gann square as the swing point to start the week.

Corn has been trading at the 693.75 major Gann square for almost two months. Today's close was above it and we will see if tomorrow can get a second higher close above it to confirm a breakout, if so look for....

Wheat

From last week,

Three of the five day's this week traded at 829.00 and Friday closed right at it.  We are still looking for a rally to 61.8% the other way at 900.40, this is also a major Gann square.

The 2 day rally this week took it right to the 900.50 target.

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