Weekly Grain/Livestock Overview 7/18/24

Overview

(ZCU24) (ZWU24) (LEQ24) (HEQ24) (GFQ24) 

Soybeans, Corn and Wheat remain under pressure and failed to get above their swing points for the week. We continue to look for the 78.6% level in Soybeans and there are only major Gann squares below in Corn and Wheat to look for support. The retracements above will be key to the first sign of these markets turning higher.

Live Cattle and Feeder Cattle small ranges for the week and we continue to look for the 78.6% retracements below. Lean Hogs had a good rally after getting back above the long term 61.8% retracement and the long term target is 61.8% back up.

Soybeans

(ZSQ24) 

August

From last week,

It failed to stay above 1157.00 and closed below the 1131.25 major Gann square, giving us a much lower long term target.

Use 1131.25 as the swing point for the week.

Below it, the long term target is 78.6% on the continuation chart at 999.00. The short term target is the 1077.75 major Gann square.

It never closed above the 1131.25 major Gann square and the break from it took it to the short term target at the 1077.75 major Gann square.

Use 1077.75 as the swing point for the week.

Above it, the short term target is 23.6% back to the 11/15/23 high at 1151.00. The long term target is the long term swing point at 1198.00, this is 38.2% back to the same high. Any rally that can't get above the previous major Gann square at 1131.25 is a very negative sign and new lows can quickly follow.

Below it, the short term target is the 1026.75 major Gann square. The long term target is 78.6% based on the continuation chart at 999.00.

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