14 min read

Weekly Grain/Livestock Update 5/9/24

Weekly Grain/Livestock Update 5/9/24
Photo by MΛTΞ / Unsplash


Corn, Wheat and Soybeans are now making higher highs and higher lows. The Corn rally started from a 78.6% retracement on 2/26/24. The Wheat rally came after failing to make a new low and held a 78.6% retracement on 4/18/24. The Soybean rally came from 61.8% retracement on 2/29/24.

Live Cattle and Feeder Cattle both hit 78.6% retracements above to mark the highs and we continue to look for 78.6% the other way based on the ONE44 78.6% rule. Lean Hogs top was caused by a 61.8% retracement on 4/10/24 and then on the retest of that high it hit 78.6% on 4/23/24. The ONE44 61.8% rule still has us looking for 61.8% the other way.

The ONE44 78.6% rule,

Any market that hits 78.6% should go 78.6% back the other way. This is also where a lot of Bull markets end and start.

In the Hogs and in Wheat the 78.6% retracement was key for these markets as it ended the rally in Hogs and it started the rally in Wheat.

We are putting this update out early because the Grains now have key levels below to watch to keep the rally going.

ONE44 Analytics sends an email to every Premium Member when the Weekly update is done on Thursdays, if you do not receive one, please check your spam folder, or make sure you are signed up for the emails in your ONE44 account settings.

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.

Thank You to all the new subscribers!

To all our Subscribers, when you are logged in to our website you will get all of the content in every post, so it may look like every Member/Non Member is getting the same thing. Please be assured that what you are paying for as a Premium Member of  "Grains Weekly" is only accessible by you and is not posted anywhere else for free. This can be proven by logging out and trying to get the full article that has a yellow star with it. One exception is we will occasionally post articles on Barchart.com with excerpts from our website and Videos to draw people to the website.

This post is for paying subscribers only