Soybeans
Tight 9 cent range in the July soybeans to kick off the week. High of the day just misses resistance level previously mentioned in last weeks post at 928.2 to 929. Because of time element price action puts current close right on down sloping channel line. Structure still appears corrective in nature and should be followed by an impulsive wave in the direction of trend. First two impulsive waves off 989 high measure roughly 30 and 35 cents. If next move lower was indeed a 5th wave in a subset wave and 5 equal 1 then a downside target would come in between 895 to 890. A close eye will be kept on upcoming structural developments. An early comment will be available tomorrow morning.
Soybean Meal
Tough for me to make anything out of todays action. Meal unable to gain any ground after coming off discussed support zone. A morning comment will be release early tomorrow. Long term view of continued weakness remains in tact.
Soybean Oil
A lackluster session sees contract again closing under cross zone support. Holding beneath 31.80 keeps near term outlook negative. No support insight until +/- 29.50.