Weekly Grain/Livestock Update 6/20/24

Overview

Soybeans
July is still holding 78.6% at 1166.00, it did have one close below it, however the next day was right back above it and that keeps the idea of a 78.6% rally the other way intact. November made new lows, but is holding above the long term 61.8% level.

Corn
July and December or retesting the June lows and at 78.6% levels, we are still looking for a good rally as long as the low holds.

Wheat
This market shows the importance of knowing the long term retracements and size does matter. July fell just short of 38.2% at 724.50 and December hit 23.6% at 735.00 on the continuation chart. These were big ranges and the potential following the ONE44 23.6% & 38.2% rule is new lows are possible, or a good test of it.

From the 5/30/24 update,Dec.

This week's trade above the 735.00 (23.6%) swing point could not get a close above the 755.00 major Gann square again and today's close is back below 735.00. This moves the retracement levels below, up. With 735.00 being a major Gann square and 23.6% back on the continuation chart there can be a bigger setback from here, but as always we will be watching all the retracements below to see just how weak, or strong the market is, 38.2% being the most important to the trend.

It failed to hold 38.2% and that turned the short term trend negative and it has now retraced 78.6% of the rally and we will use the ONE44 78.6% rule to get our long term targets.

August Cattle held 38.2% at 176.49 and went on to new highs and hit the 182.92 major Gann square, this level will be key for the next week.

August Feeder Cattle hit the first target above at 247.80, this was a 78.6% retracement and we will look for 78.6% the other way to start.

August Hogs hit the target area of the 87.53 major Gann square and 61.8% on the continuation chart at 87.00 and a quick $5 rally followed, we will be using the ONE44 61.8% rule to get our long term upside target.

There is now Gann Seasonal Timing!

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.