Weekly Grain update 5/29/22

Overview

Soybeans
July Beans from last week

You can now use the 1683.25 major Gann square as the short term swing point, as long as it remains above there

Wednesday's close was 1681.00, as we always say, we want to see two closes below/above to confirm a violation of the level, that day's low also hit 38.2% of the 5/9/22 low. Thursday's low held 38.2% again at 1667.00 before exploding and now taking it to new contract highs. The long term targets remain the same.

November Beans from last week,

By holding 38.2% we should be looking for new highs for this leg up and then new contract high

The rally from  38.2% at 1496.00 did take it to new highs for that leg up and quickly set back to 38.2% of the new high at 1499.00 before exploding higher as well. All the long term targets are the same.

July Soybean Meal
Last week's high hit 38.2% back to the contract high and was only able to get to 38.2% of the 5/12/22 low keeping this leg up positive and with today's close above 429.00 we can look for our longer term targets.

July Soybean Oil from last week,

The break from the 84.71 major Gann square was only able to get back to 23.6% at 78.73.

This week's low held this level once again and we continue to look for the 84.71 major Gann square.

Corn

July Corn from last week,

With the market failing to make a new high after holding 38.2% at 774.00, this is not a good sign and a bigger break is possible, a likely target would be 720.00, this is 23.6% back to the contract low and 38.2% back to the 5/26/21 low. Any break that holds 23.6% back to the 5/26/21 low at 752.00 can send it back to the 815.75 major Gann square.

Monday's attempt to rally was stopped at 38.2% at 787.00, the break from it took it to just above 752.00, we will now watch 38.2% back up to see if the break continues.

December Corn from last week,

Any rally from 729.50 that can't get above 38.2% of the break at 741.00 is a negative sign.

Monday's high was 740.00 and the break went to 707.00 so far. The 729.50 major Gann square remains key for the current move.

Wheat
July Wheat from last week,

The break so far below the 1244.50 major Gann square is just above 38.2% of the last leg up at 1166.00 (this is now the short term swing point),

The rally from 1166.00 was stopped on Tuesday by 38.2% back up at 1209.00, the break so far has taken it down to 1114.50.

December Wheat from last week,

The break so far has been 90 cents from the long term target and major Gann square of 1269.50. The most positive scenario would be for them to trade below the 1165.25 major Gann square down to 38.2% at 1147.500 and then close back above 1165.25, provided this does happen...

It has now had a big enough break that you can start to watch 38.2% back to the high, right now this is 1220.00, any rally that fails to get above this is a short term negative sign.

Tuesday's high was also stopped by 38.2%  (1220.00) back to the contract high and it has now hit 38.2% at 1147.50 on that set back.

This is the latest video on how to use the Fibonacci retracements based on the ONE44 rules and guidelines. It starts with the 5/9/22 low and shows what we consider a classic turn in trend with Fibonacci retracements.
Video Link