Weekly Grain update 5/22/22
July Soybeans went from 78.6% at 1599.00 to 78.6% the other way at 1700.00 per the ONE44 78.6% rule. November Soybeans hit 78.6% at 1520.00 and the setback held 38.2% at 1496.00 keeping the short term trend extremely positive. Soybean Meal is back above the 411.00 long term swing point and has hit 38.2% of the current break. Soybean Oil held 23.6% at 78.73 on the break from the 84.71 major Gann square, keeping the long term trend extremely positive.
July Corn hit 78.6% at 810.00 and then went 78.6% the other way at 779.00, per the 78.6% rule. December Corn fell 3.25 cents short of our long term target and has already come back to the 729.50 major Gann square.
July Wheat has come off 70 cents since we made the 1244.50 major Gann square the swing point on Wednesday. December Wheat hit our long term target and has come off 90 cents so far.
This is the latest Video on using the Fibonacci retracements with the ONE44 rules and guidelines. This is one of the ways we view the market and want all our subscribers to understand why we think what we think. Video Link
We will now go to the weekly update.