Weekly Grain update 11/13/22

Overview

Soybeans
From last week,

Use 1455.00 as the swing point to start the week.

Right back below 1455.00 should send it 61.8% the other way..

Monday's close right back below 1455.00 (61.8%) has us looking for 61.8% the other way, so far it has only retreated 25 cents to 38.2%.

Soybean Meal
From last week,

Use 414.00 as the swing point for the week.

Below 414.00, look for the 78.6% at 403.00, this would complete the ONE44 78.6% rule, of a move going 78.6% to 78.6%.

Thursday's low was 403.40 and this completed the ONE44 78.6% to 78.6% target.

Corn
After failing to get the second close above the 693.75 major Gann square on 11/1/22 the target area below became the previous major Gann square at 657.00 and 38.2% at 650.00.
From last week,

Overall this market is in the strongest position and the last two setbacks have held 23.6% on 9/28/22 and 10/19/22, however until it can get through the 693.75 major Gann square a setback into the 657.00 major Gann square and 38.2% of the move up at 650.00 is still possible.

Thursday's low was 652.75 after a 45 cent break.

March Wheat
From last week,

March Wheat swing point is the 867.75 major Gann square. Above it look for the 905.00 major Gann square. Below it, look for 829.50, this is both a major Gann square and 61.8% of the 10/10/22 high and 8/18/22 low.

The Tuesday/Wednesday break took it from 867.75 to 829.50, major Gann square to major Gann square.

Livestock

This will be the last week for December, as we are moving into the February contracts.

Hogs

From last week,

Use 83.37 as the swing point to start the week.

Above it, look for a run back at the highs and 78.6% at 88.33, any rally that can't get above 38.2% at 85.50 is a very negative sign.
Monday's $4 rally above 83.37 didn't quite make it to 88.33 and the failure to make a new high after holding 38.2% can send it down to 61.8% of the move at 79.40.

Use 83.37 as the swing point again to start the week.

Above it, look for the area of 78.6% at 88.33 and the 89.26 major Gann square.

Below it, look for 61.8% of the 10/4/22 low and 10/21/22 high at 79.40.

February Hogs

One thing to watch for with the move into February,

Feb. has not hit 38.2% of the move up yet and hitting it can cause the December to close below its 38.2% level, but as always we would want to see the second close in a row below it to confirm the violation of that level, so a close below and right back above it can send it on a quick rally back to the highs.

Use the 88.58 major Gann square as the swing point for the week.

Above it, look for the 92.50 major Gann square, failing to get above 78.6% at 90.70 can send it on a quick move lower. Below it, look for the area of 38.2% at 85.90 and the 85.02 major Gann square. As long as this area holds the longer term trend remains very positive.

As you can see on the chart the major Gann squares are very good for short and long term support and resistance, so keep an eye on them in between the longer term Fibonacci retracements.

CATTLE

From last week,
Use 151.45 as the swing point for the week.

This week sat right on top of the 151.45 swing point, this is 23.6% of the 5/31/22 low and 10/25/22 high and this keeps this market in a very strong position.

Use 151.45 as the swing point for the week again.

Above it, look for the 156.98 major Gann square.Below it, look for 38.2% at 149.65, failing to hold this level turns the short term trend negative and you can look for the 147.13 major Gann square.

February Cattle

This week's low came right into 38.2% of the 5/31/22 low and 10/27/22 high at 153.32, this is also a major Gann square. This is the level that needs to hold, to keep the short term trend positive.

Use 153.32 as the swing point for the week.

Above it look for the 156.40 major Gann square and then the next one at 158.89.Below it, look for 61.8% at 151.00.

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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