Weekly Grain update 6/1/23

From now on we will be doing the Weekly Grain update on Thursdays. This is mainly so that you will know the key levels and targets before the weekend. As always we will do Special updates if needed because of bigger price moves.

Overview

July Soybeans, July Soybean Oil and July Wheat all plunged below their swing point for the week only to close back above them on the same day.

Soybean Meal did the one thing to watch for,

One thing to watch for, is a trade down to 61.8% back to last October's low at 387.50 and then closes above the 390.50 major Gann square, as this can cause a sharp rally.

Having done this in these markets from key long term levels it "should" be the beginning of a quick rally. Not getting a strong rally from here is not a good sign and the summer could end up being a sideways to down trade.

The new crop in each of these markets has already taken out the long term swing points and our upside targets on a rally from here will be less aggressive.

December Corn has had a nice rally from 61.8% of the contract high and low at 491.00 and hit the short term target of 23.6% back to the contract high at 535.00.

August Cattle hit the second target at 170.52 after holding above the 164.51 swing point for the week.

July Hogs,

Use 75.65 (long term retracement) as the swing point for the week.

Above it, look for 38.2% back to the contract high on 12/27/22 at 89.60. Any rally that fails to get above 85.55 keeps the trend extremely negative and new lows can follow. With any new low you will have to readjust the 38.2% level above.

It had one close below the swing point and made a new low for the move down. We have now adjusted the key levels above. The $10 rally from the low has already hit 23.6% at 82.35 and the 83.65 major Gann square.

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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