Weekly Grain/Livestock Update 12/5/24
Overview
Grains
Soybeans
March
On 11/22/24 it took out the previous low on 8/14/24, when it did it held the 981.00 major Gann square and closed back above the previous low, however it has yet to get the quick rally going that we thought was possible. The 981.00 major Gann square will again be key for the next week and the first test on a rally from here will be 38.2% back to the 9/30/24 high.
Corn
March
Corn has the best outlook of the Grains, as it hit key long term levels above at 443.00, but failed to make a new low on the setback from it. It also hit a 78.6% retracement on 10/17/24 and this can be the base of the next Bull run, however it is caught between 78.6% level at 444.00 and 421.00.
Wheat
March
Wheat continues to break from the key long term retracement at 630.00. It made a slightly lower low this week and got right back above the previous low made on 8/27/24. We will have to watch 38.2% back to the 10/3/24 high, as this will have to be taken out to turn the short term trend positive.
Livestock
Live Cattle
February
Cattle went from 61.8% (9/9/24) to 61.8% (10/29/24) and the setback from it held above 38.2% at 184.00 keeping the trend positive. The rally from there hasn't made a new high yet and is up against the 78.6% level at 189.00, we will now see if this level can end the Bull move for now.
Feeder Cattle
January
Feeders fell just short of the 78.6% target at 261.55, a setback from here has the chance to be larger than we have seen lately since this is a 78.6% retracement. As always we will watch all the retracement on any setback to see just how weak, or strong the market is.
Lean Hogs
February
The Hogs have been up against a long term 78.6% retracement at 87.44, this is also a major Gann square and a bigger setback from here is possible, this level will again be key for the coming week.
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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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