Weekly Grain update 6/8/23

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

The rallies in each of the markets from the key long term levels below continue.

In Soybeans it was 38.2% on the long term continuation chart at 1295.00 and is approaching the first target area of 1383.00 and 1390.25.

December Corn is rallying from 61.8% of the contract high and low at 490.00.
Wheat is rallying from 78.6% of the contract high and low at 592.00, we continue to look for the first target.

Soybean Meal is rallying from 61.8% of the contract high and low at 387.00 and we are looking for more on the upside.

Soybean Oil is rallying from 61.8% of the contract high and low at 46.35. The long term target is still 61.8% the way based on the ONE44 61.8% rule.

The big rally in July Hogs from a long term retracement at 75.50 has now hit the first target of 87.58, we are now using this as the swing point.

August Cattle had a big reversal day yesterday and we will be giving the key level it needs to hold to continue this big move higher.

We hope you have all viewed the latest video on Fibonacci retracements and the key things to watch for when using them.

If you haven't here's the link

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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