July Soybeans
Soybeans opened higher today right at previously mentioned upper channel resistance at 979.0. Mild shadow high just above 981 holds. A tight range develops with easing to 964 before rising to close higher on session at 973.2. The contract has hit its objective defined in last weeks posting following a close above 960.0. Beneath +/- 975 market would looked poised to give back some of its gains. I’d be expecting a choppy trade down to 955 first line support. A violation here has potential to slide to the Fibonacci confluence zone in the low 940’s. If , on the other hand , the market can establish value above 976 then I’d be looking for a run at the iv wave extreme high at +/- 989. A close above targets +/- 1006.
Soybean Meal
Similar action in the meal market today. Prices have hit the previous iv wave extreme high zone at +/- 318. Holding above looks to press higher. The only extended targets I can derive come in at roughly 327 and 334. If contract were to ease below 313 I’d be expecting a further pullback to unfold. Downside target zone rests at 304 to 302.
Soybean Oil
Higher prices early top out at 33.56 before witnessing a quick and violent spike lower to 32.01 just beneath inner daily support line. Although a clear wave count from the recent lows cannot be seen the selloff action resembles an x wave to me. If market can hold its footing above 32.60 I’d be looking for another a-b-c leg higher to develop. First upside comes in at sloping channel resistance at roughly 34.00. A close above sets sights at 34.70-35.00.