Weekly Grain/Livestock Update 2/6/25

Overview

May Soybeans, Corn and Wheat all held key levels below and now have hit longer term retracements above, or about to.

Soybeans held the 1057.00 swing point for the week, this was 23.6% back to the 12/19/24 low. Yesterday it hit 1092.00, this is 23.6% on the continuation chart, if taken out it will turn the Intermediate trend turns positive. 

Corn had a quick spike down to the 486.00 swing point for the week and then made a new high for this leg up. This was 23.6% back to the 8/26/24 low and a very strong sign. It is now approaching our target of 61.8% at 512.00. On a turn from this area we would be using the ONE44 61.8% rule for a target.

In Wheat the setback from the 580.25 swing point held the 38.2% short term target at 565.00 keeping the short term trend positive. The rally from there hit the 593.00 target, this level is 23.6% back to the contract high and could cause a bigger setback.

Soybean Meal continues to trade between 78.6% retracements. The swing point for the week was 299.00 (78.6%) and the short term target was 314.50 (78.6%), this was the fourth 78.6% retracement in a month.

In Soybean Oil the rally from the 44.25 swing point hit the short term target of 47.54 this was a 78.6% retracement and a major Gann square.

The setback this week in Cattle held above the long term swing point at 195.50, this is 38.2% back to the 8/21/24 low, above it a run back to test the recent high is possible and more.

The break from the 276.63 swing point for the week and a major Gann square hit the short term target at 266.44, holding this level can send it back to the highs very quickly.

Lean Hogs continue to trade between 78.6% retracements of 91.60 and 86.07. The wide swings are not uncommon when dealing with the 78.6% retracement.

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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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