The soybeans have a few closes above the long term swing point at 945.00 and now need a couple closes above the 970.00 major Gann square to confirm a breakout and give us an upside target of 1045.00. The 945.00 level is 38.2% back to the 2016 high. Not getting any closes above the 970.00 major Gann square and then closing back below 945.00 should send them down to the next major Gann square at 905.00, this is also 38.2% back to the April low. We do feel that with all the building this market has done over the last couple years, that this could turn into a multi year rally.
Corn continues to trade around the 200 day average at 348.00, a couple closes above this would be good, but we still need to see it get a couple closes above the 360.00 major Gann square , this is also 38.2% back to the 6/17/19 high. Provided they do the next target is the next major Gann square at 405.00, this is also 61.8% back to the 6/17/19 high. The long term swing point is above at 430.00, this is the level that needs to come out to say they are going into a multi year run higher. On a failure from the 200 day average look for the next major Gann square at 315.00.
In the Wheat continue to use the 528.00 major Gann square as the swing point. Above it, look for the 585.00 major Gann square, also up there is 23.6% back to the 2008 high and 38.2% back to the 2012 high at 590.00. They have already had two major breaks from this area and once they can get a couple close's above it the long term target will be 730.00. Below 528.00 look for the next Major Gann square at 480.00