Grain/Livestock Market Weakness Hits Key Assets Amid Retracement Levels

The Grain/Livestock futures market is showing signs of weakness in several key assets. According to ONE44 Analytics, the long-term Fibonacci retracements remain a crucial indicator for Soybeans, Corn, and Wheat. The Soybean market has reached a 61.8% level, which could potentially end its rally for now.

Corn has traded at the 38.2% level for over three weeks, and this could also signal the end of its current rally. Wheat has already reacted to the long-term 38.2% level above $799.00, and analysts are watching key levels below to see if a longer-term top has been established.

In contrast, Live Cattle and Feeders failed to close above their 38.2% retracement levels, keeping their trend negative for now. Lean Hogs also failed to break above the 38.2% level on its last rally and have since dropped to new lows, with analysts looking for the 78.6% retracements below.