Soybeans and Hogs Special update
From last week,
Use 90.60 as the swing point for the week.
This week so far it has been unable to get a close above 90.60, this is 23.6% back to the contract high and a break from it could send it to new lows, however with the key long term levels that it is currently rallying from we expect more to come on the upside in the longer term. Short term, on a setback watch for a 78.6% retracement at 86.15, as we have said many times before, this is where a lot of Bull runs can start and as you just saw in Cattle, where they can end. Cattle has come off $4.00 so far from the 165.20 (78.6%) swing point for the week