This is a follow up to the last soybean and wheat market update. It shows the outcome of the intermediate cycle published in that update for both markets.
Soybean Futures
Figure 1 is an updated daily price-time chart for May soybeans from our previous update. It shows that the cycle due to turn in late March 2014 aligned with a small reaction bottom on March 24th. The market has rallied since, breaking the March 07th top at 1460c.
Figure 1 also contains a harmonic of Gann's 20 years cycle initially presented in the soybean 2014 roadmap. It has a time window between March 31st and April 05th. It is still unclear if this cycle harmonic will align with a market low or high.
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| Figure 1 Daily prices for May soybean futures from 2010 to 2014. Harmonics of Cowan's 5 1/2 years cycle and Gann's 20 years cycle. |
If a major top is to be expected by mid-2014 the market should continue in its uptrend.
Wheat Futures
Figure 2 is an updated daily price-time chart for May wheat from our previous update. It shows that the harmonics of Cowan's 5 1/2 years cycle aligned with the March 20th market top at 723 1/2c. The market has reacted since.
This is a triple top against the tops of July 11, 2013 at 722 1/4c and October 23, 2013 at 722 1/2c. Cycle and geometry analysis indicates that wheat is in a bull market, hence breaking above March 20th top would indicate much higher prices.
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| Figure 2 Daily prices for May wheat futures from 2010 to 2014. Harmonics of Cowan's 5 1/2 years cycle. |
Grain Market Analysis
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