Weekend Update - Grains

SOYBEANS
The bean market continues to shun the rest of the grain markets (including rice and oats) and do its own thing.

We had decisive upside price action this week, taking out the 974.25 H on a close basis. This forces us to replace our count with the alternate.

Cycle b wave obviously requires additional work. I show a double zigzag currently tracing. This entails two sets of ABC's with an intervening X wave.

We should be finishing up another primary [A] wave very soon, if we didn't on Friday. At completion, a primary [B] should ensue with the final [C] following.

[Y] = [W] at 1263.75. [Y] = 61.8% of [W] at 1066.125, which would be the minimum objective. The 78.6% retracement of a sits at 1148.25.

I suppose that the old count could theoretically still be alive, however, it looks so goofy that I give it low odds.

IF price somehow were to get back to the 1336.50 H, then obviously something is very wrong. I guess we can cross that bridge, should we need to, at that point in time.

All prices basis continuous contract.

CORN
The corn market remains in its downtrend.

It is unclear if corn has finished this corrective or not. I have left the retracement levels on the chart if price needs additional time and/or price to complete this counter trend move.

It is also possible that primary wave [4] needs additional work. A triangle could be tracing here. If so, this leg would appear to be (c). If a triangle, price should not exceed the 373 H.

Assuming that [4] is finished, the first order of business would be to break the 312 L. The first intermediate degree target is 279, which is where (3) = (1).

The minimum primary objective is the 61.8% projection of [1] - [3] at 278.125. [5] = [1] - [3] at 219.50.

All prices basis continuous contract.

WHEAT
The wheat market continues with its dowtrend. It appears that it traced out a corrective flat this week and is ready to resume selling.

I am not sure exactly what finished at the 486 L. I have had an intermediate (1) of (5) label, but it very well could be wave (3). My guess is that the pivot low is most likely wave (3).

Regardless, this downside structure is nearing completion if my interpretation is correct. I have introduced a new alternative count, which is a much more bearish count.

It has wheat in primary [3] currently. This count would portend much lower price. This view, I believe, is a lower probability outcome.

The first order of business is for price action to take out the 486 level. This would confirm that the corrective is indeed finished.

IF we have completed a 1 and 2 off the corrective 517.25 H, then we have minor degree targets at 475.25 (161.8% projection) and 453.25 (261.8% projection) respectively.

Primary targets include the 61.8% projection of [1] - [3] at 465.75, which is our minimum objective. [5] = [1] - [3] at 391.50.

All prices basis continuous contract.