Soybeans are approaching the 1248.00 (61.8%) target.
Soybean meal hit and closed below the 374.00 major Gann square/target.
Wheat held the 538.75 major Gann square and closed back above 78.6% at 565.50. We will now watch the retracements back up to see if the rally can turn into a longer term run.
From last week,
Use 76.00 as the swing point for the week.
Below it, Short term target is 61.8% at 71.65 again and on an extended move lower look for 78.6% at 69.62, this is also a major Gann square.
Use 69.61 as the swing point for the week.
Above it, look for 78.6% back to the 9/20/23 high at 76.55. Any rally that fails to get above the 72.43 major Gann square is a negative sign and new lows can follow.
Below it, the long term target is 61.8% on the long term chart at 60.50. For support before then watch the 67.30 and 64.81 major Gann squares.