Special Update for Soybeans, Corn & Wheat 6/5/24

This week's Update comes early due to Soybeans, Corn and Wheat being near, or hitting key levels. The usual Thursday Update will have all the other markets.

Overview

July Soybeans failed to hold 38.2% at 1214.00 (swing point for the week) and now are just above the 78.6% target. November also failed to hold 38.2% at 1189.00 (swing point for the week) and has a little more to go to get to the 78.6% target.

July Corn could not get back above the 455.25 major Gann square and swing point for the week and are approaching the 78.6% target. December also could not get back above the 477.50 swing point for the week and are 2 cents shy of the 78.6% target.

July Wheat took out the 676.00 swing point for the week and hit the short term target at 651.00, with this level being a 38.2% retracement it will be key to this market's trend remaining positive. December, the break from 735.00 (23.6%) is now short of 38.2% of the current rally, this will also be key to the trend staying positive.

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Being this is a weekly update we give all the key levels to watch for the week using Fibonacci retracements and Major Gann squares. We set up scenarios to look for when a level holds, or fails based on these methods, so it is very important to know for yourself how to use them following the ONE44 rules and guidelines. The best way to get a better understanding of these methods is to read all the posts (even if not on Grains) and watch our YouTube videos, as we explain why we think what we think based on the rules and guidelines. It is also important to view all the charts, as they have the key levels marked on them, if there are extended moves.

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