Weekly Grain/Livestock Update 6/13/24

Overview

Soybeans continue to hold above their 78.6% retracements and that keeps the idea of a rally to 78.6% the other way possible.

Corn

July has rallied 18 cents so far from the 442.50 swing point for the week and we are looking for more. December has rallied 17 cents and the short term target remains at 467.00 (78.6%)

Wheat

July never did get above the 651.00 swing point for the week and the 45 cent break from it has hit 61.8% at 608.00. December failed to hold 38.2% at 685.50 and this turned the short term negative, it is currently holding the 659.75 major Gann square.

August Cattle held the 176.49 (38.2%) swing point for the week, but has been unable to make a new high from it and a turn lower from the 78.6% retracement can cause a quick setback.

August Hogs remain extremely negative and we continue to look for 61.8% at 87.00.

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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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