Soybeans and Corn remain below key levels while Wheat continues the grind higher.
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Grains
Soybeans and Corn remain below key levels and Wheat continues the grind higher.
Soybeans
They are above the long term swing point of 1228.00, this is 38.2% of the contract high and low and as long as it remains above there, new highs are possible. In the short term however, it is still negative until it can get above 38.2% of the break from the contract high, this is 1295.00. It has been as high as 1289.25 on the current rally and the setback from there has held 38.2% (1247.00) of the move up from 1181.25. Provided they continue to hold this level, look for 1295.00 and with a solid close above that, look for 61.8% at 1864.00. Below 1247.00 look for 78.6% of the recent rally at 1204.00, below here, look for 61.8% of the contract high and low at 1078.00.
Corn
Corn is well above the long term swing point of 522.00, this is 38.2% of the contract high and low. The rally from this area has taken it up to 61.8% of the contract high, this is 590.00. The first time it setback from there it went right to 38.2% of the move up at 561.00, keeping the short term trend positive as well. They have now hit 591.00 again and we know following the ONE44 61.8% rule that, the target on a break from 61.8% is 61.8% the other way and this is 542.00. You will still have to watch 38.2% (563.00) on any break and if they hold it again, look for new highs and then 78.6% at 613.00.
Wheat
Wheat is far above its long term swing point of 715.00 and currently trading above 78.6% back to the 2011 high, this is 821.00. Use this as the short term swing point. Above it, look for the long term target of 960.00. Below it, look for the combination of 23.6% to the contract low and 38.2% of the 7/9/21 low, this is 781.00.
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