Weekly Grain Update 9/25/22

Overview

Soybeans

From last week,

Not getting two higher closes in a row gives a target of 78.6% at 1336.00, as long as it remains below 1472.00.

To start the week, use 1472.00 as the swing point, below it look for a quick break down to 1336.00. This is the same from Tuesday. Any break that holds 38.2% at 1426.00 would be a very positive sign and you can look for ....

Once again it had one close above 1472.00, however the next day it closed right back below it and the 1464.00 major Gann square and has now hit 38.2% at 1426.00.

Corn

From last week,

The break below 688.00 held the tightest support of 23.6% at 667.00 on Friday and rallied 10 cents. We will use 667.00 as the swing point to start the week. As we said, holding this level should send it on a quick rally to new highs and with a close above 693.75 you can look for

This week was the same as last week in that it got one close above 688.00 (61.8%), but failed to close above the 693.75 major Gann square causing another down move, or long term target remains the same.

Wheat

From last week,

We will start the week with the 829.00 major Gann square as the swing point again.

Monday's low traded below the 829.00 major Gann square, but closed back above it and a 90 cent rally followed.

Livestock

For those of you following  Cattle and Hogs, we hope you took advantage of this update,

The coming setback in Hogs and Cattle

Hogs,

From this week,

December is in a stronger position and the current rally took it just short of 78.6% at 89.26, this is also a major Gann square, however the potential for a break from 78.6% is bigger following the ONE44 78.6% rule and it could go 78.6% back from where it just came from, this is 82.97.

A 3 day break took it right to 78.6% at 82.97

Cattle

From this week,

December has hit the 151.70 major Gann square for the third time this year. Yesterday's trade went above it, but closed below it, This is now the swing point. Below it, look for 38.2% of the rally from the 5/31/22 low, this is 148.30.

The 3 day break took it right to 148.30.

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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