The beans market slipped slightly to test recently mentioned save level of 974 holding up just above at 975.4 at inner trend line support trow-back. Prices rise above first resistance level at 988 and extend to 995.4 before settling at 992.6. The market will have to hold above 982 to continue its advance. A hold beneath looks to crack to +/- 970 cross zone support and Fib retracement convergence zone. If a-b-c corrective pattern is complete contract will continue its bullish stature. Moderate overhead resistance comes in at +/- 1008-1010. A hold above sets sights on +/- 1040.
Similar structure exits in the meal market. The contract will have to hold 320 or it will be vulnerable to further pressure. Underneath cross zone support comes in at +/- 317. A violation here follows through to +/- 309. If market is able to further its rise it will first contend with the 333 level. Holding above extends to +/- 345.
It appears that an intermediate a-b-c decline is in place. This marks the b wave low of an larger a-b-c advance which is a part of an even larger w-x-y complex rally. Look for prices to hold above 33.30. First overhead resistance comes in at +/- 33.70. A hold above looks to extend. Next objective checks in at +/- 34.45. On the other hand, a failure below 33.20 sets stage for further pressure targeting 32.9-32.75.