September Soybeans
The contract looked vulnerable at the end of last week and they showed that by gaping lower to 1004.6 below channel-line support. Prices breakdown to 990.6 peaking below speed support line spoke of in Friday’s posting. Level holds and contract recovers to finish at 1002.4. I believe the structure still points to lower prices. A slip and hold below 996 won”t look good. First line support comes in at +/- 982. A crack threatens to unravel to +/- 966 with flush to +/- 956. I’m expecting this level to hold and set base for sustained rally which will exceed recent highs of 1037.4. If contract is able to press up from here is will meet resistance at roughly 1008 to 1010. A hold above will change bearish tone. Look for a continued rise to challenge +/- 1015. A hold/close above 1017 targets +/- 1023-1025.
Soybean Meal
Similar price action plays out in the meal contract in Monday’s session. A hold beneath 326 will press on prices. Minor support comes in at +/- 322. Extended downside projection rests at +/- 310. A rise from close will sniff out +/- 329-330. A hold above targets 333-334. If prices don’t back-off expect a follow through to extend to +/- 341.
Soybean Oil
A weaker open snaps back to finish mildly lower at 33.73. A rise from close will look to press up to +/- 33.25. A hold above 33.20 targets cross zone resistance at 34.45-34.75. A close above 34.75 looks to extend to +/- 35.15. A slip hear tests trend line support at +/- 33.35. A hold below unwinds to lower channel b wave projection zone at roughly 32.70.