Weekly Grain update 8/15/22

Overview

September Soybeans from last week,

To start the week use this as the swing point (1466.75), above it look for 78.6% back to the contract high at 1545.00 and below it the next major Gann square at 1371.25.

Monday traded above 1466.75 and closed slightly below it, Tuesday exploded above it and by Wednesday it hit 78.6% at 1545.00 and backed off 55 cents. That brings in the ONE44 78.6% rule.

November Soybeans from last week,

Continuing from the Overview, we are now looking for 61.8% the other way at 1438.00 on the rally from 1366.00 to complete the 61.8% to 61.8% target. As mentioned in the Sept. we do think it can go into wide swings for a couple weeks between.....

The 1438.00 target was hit on Tuesday completing another 61.8% to 61.8% move. The previous one was 1472.00 to 1366.00.

September Soybean Meal from last week

Use  433.50 as the swing point to start the week, provided they can hold it again, look for it to take out the 459.00 major Gann square and then go for....

Monday's low was 431.50 and closed at 436.40, by Wednesday it took out the 459.00 major Gann square.

December Soybean Meal from last week,

The break from 78.6% (425.00) in the Dec. failed to get to the 78.6% target of 387.50, but it did hold 61.8% at 397.00.

Monday's low was 397.80 holding the 61.8% level at 397.00 and Wednesday's high of 424.00 fell just short of 78.6% at 425.00.

September Soybean Oil from last week,

In the Sept. use 65.10  (38.2%) as the swing point to start this week. Above it, look for 61.8% of the same move at 71.05

The low close for the week was on Monday at 65.35 and there has been a $4.00 rally so far from it.

December Soybean Oil from last week,

Use 63.90 as the swing point to start the week....

Low close for the week was also on Monday at 64.32 and a $4.00 rally so far, still looking for are upside target.

Corn
September Corn from last week,

With it failing to make a new low, you can now look for a rally up to 38.2%

The 30 cent rally for the week has not hit our target yet, however it is back above the long term swing point.

Wheat
September Wheat from last week,

They have now spent the last three weeks trading between the 822.75 and 759.00 major Gann squares and below 61.8% of the contract high and low at 822.00.

Once again this week, Monday's low was 760.60 and Thursday's high was 820.75  

December Wheat from last week,

Use 797.00 as the swing point to start the week, above it, look for ....

Low close for the week was 799.25 and the rally so far has been unable to close above the 829.00 major Gann square, once above it we can look for the target mentioned last week.

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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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