Summer Targets For Soybeans, Corn & Wheat

Each market has been in a Bear market since the 2022 highs and they have done enough "work" meaning sideways trade anywhere from 8 months to a year and a half to warrant a look at what is possible on the condition these markets take out their short term swing point and start to hold the key retracements below. These targets will be for the nearby contracts along with the November Soybean and December for Corn and Wheat.

These are the long term targets, the short term targets for both sides of the market will continue to be updated in the weekly update.

May Soybeans have taken out 38.2% back to the 2/5/25 high at 1017.00 and this turned the short term trend positive. For right now 1017.00 will remain the swing point for that trend. Once the market has moved well away from this level we will start to watch the 38.2% retracement back to the 4/7/25 low, this level currently is at the same level (1017.00). We are still looking for the rally to hit 78.6% above at 1066.00 to complete the 78.6% (984.00) to 78.6% target, per the ONE44 78.6% rule. When and if this is hit we will be watching the setback to see if the current up trend can stay intact by holding the new 38.2% level (yet to be determined).