July Soybeans
A quiet session today as soybeans post inside bar. A non-impulsive rebound is in progress following beans sell-off last week. First wave peeks at 918 with current close at 914.0. Underlying channel support comes in at just above 911. A hold here establishes another intermediate b wave low of what I observe to be an w-x-y pattern. Rising off channel sets up advance targeting 923-925. A slip below 910 negates this setup. Look for prices to weaken to +/- 906-904. This is the line in the sand. If structure exhibits non-impulsive qualities the contract should hold. Beneath 903.4 flushes out recent lows. Downside channel projections come in between 891.4-888.4. In the event of a sustained choppy rally overhead target comes in at roughly 935.
Soybean Meal
Similar action takes place the meal contract. Potential x wave low rests at 293.5 with channel support coming in slightly higher at 294.0. A hold above x wave extreme sets up a choppy a-b-c advance ( Y wave ). Upside target slopes higher coming in at 297-298. A violation of 299 potential i wave low sets up further gains. Next upside at roughly 305. A violation of 293.5 follows thru to 292.8-292.5 .786 retracement and inner low convergence zone. As mentioned previously, a hold beneath weekly inner channel support at 295 opens the door for an unraveling to 270-265.
Soybean Oil
Not a lot to see here as tight daily doji candle develops. Oil closes just above inner channel line resting at roughly 32.00. Beneath 32.00 slides to 31.50. A violation of 31.4 looks to extend. Downside target comes in at +/- 30.00. A hold or a advance above 32.05 following a pullback looks to press higher targeting 32.80-33.00. Next upside checks in at 33.40. Closing above 31.48 sets stage for further gains extending to +/- 35.40.