September Soybeans
Pre-open action sees the bean contract slip below weekly speed-line throwback support at +/- 984 to post low of 978. Prices can’t hold beneath 984 and claw their way back to finish at 994.4. For now a hold above 984.4 will keep things stable. Minor overhead resistance checks in at +/- 998. A press above targets 1007- to 1009. A close or hold above changes structural outlook. I might have to argue that an a-b-c non-impulsive correction is complete and its clear sailing to roughly 1060. The line in the sand to keep the lid on things comes in at +/- 1022. On the other, hand a slip and hold below 984 threatens to unwind. Underneath cross zone support comes in at +/- 967 with flush target extending to +/- 956.
September Meal
Meal market plays out in similar action today. A daily doji candle develops which could be forecasting a pullback or perhaps the termination of an a-b-c decline. First overhead resistance comes in at +/- 328.4 with a violation reaching for +/- 333. This keeps a lid on things. A close/hold above here targets +/- 349. On the flip side a hold beneath 319 won’t look healthy. I’d be looking for further declines targeting +/- 310.
September Oil
Not much to see today as contract makes a slightly lower low to 33.38 at previously mentioned support line before pressing higher to settle just off highs at 33.77. Trend line support for tomorrow comes in at roughly 33.60. A failure here will look to follow through with extended downside target resting at 32.6-32.4. Any upside action will look to challenge +/- 34.70.