Soybeans
July soybeans come out of a minor iv wave triangle to complete what appears to be a completion of a non-impulsive a-b-c subset iv wave rebound off previous mentioned cross support zone at 910-900. A failure to press above todays highs should give way to another impulsive wave lower to complete a subset 5 wave decline stemming from the highs at 989. A hold below 923.0 presses on contract. Target zone comes in at 904 to 900 ( wave 5 equal to wave 1). This intermediate wave structure breaks down above 933.2. Next upside comes in at +/- 942.0.
Soybean Meal
A similar look appears in the meal wave structure. Todays high flashes above 382 retracement level to 307.0 right in the trend channel extension zone. A hold below 303.o looks to accelerate. Downside target checks in at +/- 295.0. This structural setup breaks down with a violation of todays highs. This would most likely set the stage for further advances targeting +/- 315.0
Soybean Oil
A bit sloppier structure has developed in the oil since the high seen at 38.13 which is marked as a potential iv wave extreme. It is difficult for me to pinpoint a wave count I am totally comfortable with. It appears that there are several possibilities to consider. The markets inability to establish value above 31.80 would have me believe that another press lower lay ahead. Downside objective comes in at 29.5. A close above 31.80 would set ground for an advance targeting first resistance level around 32.65. A fortification of 32.7 lays the ground for further advancement targeting +/-35.5.