September Soybeans
A violent overnight spike followed by substantial rejection plays out in the bean market today. Contract peaks above 10225-1026 resistance level discussed in yesterday’s post only to get punched in the chin as prices retrace all gains and decline into negative territory. Cross zone support at +/- 999 gives way in afternoon trading and prices go out on lows at 986. This level is just shy of the 985-84 level that was discussed earlier leaving prices just off weekly speed-line throwback level. A press below 984 threatens to weaken further. Extension measurements come in at +/- 966 with potential flush to +/- 956. The market will have to rise and hold above 1003-1004 to take pressure off. 1024 marks upside resistance level.
Soybean Meal
Similar action unfolds in the meal market today. Prices spike in overnight trading above noted resistance at 333 to post high at 336 before getting whacked back through yesterday’s closing level following through below speed-line support to finish on lows at 320.2. Targeted zone projection comes in lower at +/- 311. Like soybeans meal will have to prove itself to gain any upside footing. This will be accomplished with a hold above 328. Overhead resistance comes in at +/- 334.
Soybean Oil
Overnight action posts high of 34.14 before slipping back under pitchfork level to erase all gains and finish lower on session at 33.50. Beneath 33.40 will look vulnerable. Targeted support zone comes in at +/- 32.8. Above 33.98 should set up advance targeting +/- 34.40.