Weekly Grain/Livestock Update 8/15/24

Overview

November Soybeans need to get above the long term 78.6% retracement on the continuation chart at 978.00 and the 984.00 to avoid setting a much lower downside target.

Corn and Wheat remain under pressure and we will be watching each of the major Gann squares for a sign that the market wants to rally, or just keep the current trend intact.

The upside target in Live Cattle is 61.8% the other way at 184.25 based on the ONE44 61.8% rule.

Feeder Cattle continue to hold the long term 23.6% retracement at 237.00, as long as this area holds it could produce a strong rally.

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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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