Weekly Grain update 6/5/22
This will be brief since most of what happened was covered in the Wednesday Special update.
July Soybeans put in a new high and broke right to 38.2% of the 4/4/22, this was the level mentioned to retrace to once the new high was made. A quick 65 cent rally followed.
July Soybean Meal failed to hold above 38.2% of the break and in one day went back to the 411.00 major Gann square.
July Soybean Oil Hit the 76.99 major Gann square and is now above 38.2% of the break with a $5.00 rally so far.
July Corn could not get above 38.2% of the recent break at 781.50 and it extended the move down to 23.6% of the contract high and low at 720.00. This was the target below on a failure to get above 781.50.
July Wheat also could not get above 38.2% of the break and the move took it down to the 1044.00 major Gann square.