Weekly Grain update 7/20/23
OVERVIEW
Wheat
It has now hit the 78.6% target based on the ONE44 78.6% rule at 739.00. This was a $110 rally from the 78.6% at 627.00 on 7/13/23 in 6 trading days.
Corn
December Corn hit the short term target at 557.00 on the rally from 61.8% at 691.00. A 70 cent rally in 6 trading days. The long term target remains 61.8% at 603.00 based on the ONE44 61.8% rule.
Soybean Meal
The December meal completed the 78.6% target at 420.00 on a rally from the 78.6% level at 377.00 on 6/29/23 based on the ONE44 78.6% rule.
Soybean Oil
The December Oil has traded sideways for the month of July at the 61.8% level of 61.75, this level remains key to the next big swing.
Soybeans
The November Soybeans have now pushed above the 78.6% level at 1381.00. It had three setbacks from this area. The first was $120 on 6/21/23, the second was 75 cents on 7/3/23 and the last was 50 cents on 7/12/23. The 1394.75 major Gann square will be key to the next big move.
Live Cattle
The August Cattle fell one tick short of our long term target of 183.00 on a rally from the 176.50 swing point for the week.
Lean Hogs
The August Hogs hit the upside target of 101.20 to 101.50 on the rally from the 94.50 swing point for the week.
A lot of the recent moves have come from the 61.8% and 78.6% retracements. This video goes into more detail on these levels.
Now on to this week's update.
