Weekly Grain update 8/28/22

Overview

Soybeans

September Beans

Here are some quotes from the last couple updates,

The $1.00 break from 78.6% at 1545.00 closed below 38.2% of the move up at 1459.00. For tomorrow, a close back above 1459.00 and the 1466.75 major Gann square should send this market up to the 1570.75 major Gann square to start.

and

For Sept./Dec. Corn and Sept. Soybeans they would be holding 38.2% and that always calls for new highs for the move and in Nov. Soybeans Holding 78.6% should send it 78.6% the other way

After holding 38.2% at 1459.00 the rally took it right to the 1570.75 major Gann square

November Beans

From last Friday,

With a close back above 1382.00, look for a rally back to the 1464.00 major Gann square, it would be even better if it had hit the 1368.00 major Gann square and then closed above 1382.00.

and

That quote is still valid. First the break from 78.6% at 1459.00 completed the 78.6% target at 1382.00, per the ONE44 78.6% rule. Secondly a rally from 1382.00 (78.6%) should take it to 78.6% the other way to start, this is 1445.00, this would also keep with the wide swings idea.

The close back above 1382.00 sent it right to the 1464.00 major Gann square.

Soybean Meal

September

From last weeks update,

Monday closed below the 459.00 swing point and Wednesday it traded below the 435.20 major Gann square and closed above it and 38.2% at 437.50. Use the 435.20 major Gann square as the swing point to start the week. Above it, look for new highs for the year.

The rally from 38.2% at 437.50 did indeed send it to new highs for the year and a $43 rally so far.

Soybean Oil

September

From last weeks update,

We are still looking for the 61.8% target at 71.05 ( on an extended move higher look for 78.6% at 75.40) and this will remain true as long as it holds 38.2% at 64.30, this is also supported by a major Gann square at 64.70.

Friday it hit the 61.8% target at 71.05 and we will now follow the ONE44 61.8% rule.

Corn

From last week's update

By holding 610.00 (38.2%) on the setback, it is always a sign of strength and by doing so, it should go for new highs for this run up. It did get close to 38.2% of the break at 645.00, also the long term swing point and did react from the area, so the target now is....

It has now had a 65 cent rally since holding 38.2% at 610.00 and we continue to look for higher prices.

December

From 8/16/22,

Today's close was below 38.2% at 612.00. Use this as the swing point now. with a close back above it, holding 38.2% of the move should send it to new highs for the current move up and then on to our long term target of.....

and

Overall, higher closes tomorrow in all these markets should send them on strong rallies, For Sept./Dec. Corn and Sept. Beans, they would be holding 38.2% and that always calls for new highs for the move and in Nov. Soybeans Holding 78.6% should send it 78.6% the other way.

The strong rally from 612.00 has taken the market 60 cents higher and we are looking for more.

Wheat

December

From last week's update,

Tuesday's high was 827.25 and the break quickly took it to and through the 765.25 major Gann square and then closed back above it today. You can use 765.25 as the swing point to start the week, Above it, look for the area of 38.2% back to the 7/11/22 high at 826.00 and the 829.00 major Gann square.

Monday's low was 762.50 and Thursday's high was 821.50, a 60 cent rally from the 765.25 major Gann square.

Thank You to all the new subscribers!

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. We will show the importance of this in the Soybean Meal update.

To all our Subscribers, when you are logged in to our website you will get all of the content in every post, so it may look like every Member/Non Member is getting the same thing. Please be assured that what you are paying for as a Premium Member of  "Grains Weekly" is only accessible by you and is not posted anywhere else for free. This can be proven by logging out and trying to get the full article that has a yellow star with it. One exception is we will occasionally post articles on Barchart.com with excerpts from our website and Videos to draw people to the website.