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The grain markets were a bit of a mixed bag to start the month of September. December corn closed in positive territory, closing 3 ¼ cents higher to settle at 484 ½. Even though November soybeans managed to settle marginally higher on the day, it surely didn’t feel like it. After rallying 13 cents before this morning’s open, and eliminating most of yesterday’s losses in the process, we managed to settle just ½ a cent higher at 1369-2. Lastly, December wheat attempted to retest yesterday’s lows, settling 6 ½ cents lower at 595 ½. 

In the Livestock markets, both Live and Feeder cattle contracts were marginally lower, with October Live Cattle down 67 ½ cents to settle at 180.15 and October Feeder cattle down a dollar 37 to settle at 254.65. Meanwhile, October lean hogs were able to rally back into positive territory after opening the day lower to close 50 cents higher at 83.05. 

December Soybean Meal: 

• Soybeans were a major focus this week after accumulating up to 41,818,000 bushels in export sales this week. But we are going to be looking at the December SBM contract. 
• The reason that we’re looking at this contract is because it does a tremendous job of displaying the significance of Fibonacci Retracements acting as support and resistance in action. 
• These retracement levels are based on the Fibonacci sequence, a mathematical sequence where each number is the sum of the two preceding ones
• In trading, Fibonacci retracements typically involve drawing horizontal lines on a price chart at key Fibonacci levels, which are usually 23.6%, 38.2%, 50%, 61.8%, and 78.6% of the price range between a significant low and a significant high. Traders use these levels to anticipate potential price reversals or areas of support and resistance.
• Closing prices are the most important price of the day - where did prices close relative to the retracement levels? 

October WTI Crude Oil: 

• This has been the little contract that could this week! 
• We’ve had 6 consecutive higher closes, and we blew past August 10th’s previous high at 84.16. 
• If we zoom out, we can see that this is the highest closing price for crude oil since last November - 10 months ago! 
• We are rallying on increasing volume -

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