Soybean Complex update

Soybean Meal

This is the last update for May, Friday's update will be in July.

May
From last week,

Use 445.90 as the swing point for the week.

Below it, look for the area of the long term swing point at 431.50,  this is 38.2% of the contract high and low and the 426.00 major Gann square

Like the Soybeans, Monday's high was above the 445.90 major Gann square, but never closed above it and it has now hit the target area of 431.50 (long term swing point) and the 426.00 major Gann square.  

Use 431.50 as the swing point for the week.

Above it, keeps the long term trend positive and the long term target is 78.6% back the contract high at 483.50. The short term target is 38.2% of the same move at 455.00. Any rally that can't get above the 445.90 major Gann square is very negative and new lows can follow.

Below it, The long term target area is the 389.40 major Gann square and 61.8% of the contract high and low at 386.50. Short term target is the next major Gann square at 406.00.