September Soybeans
The bean market held trend-line support at 999.4 before pressing higher, as suggested, reaching first line resistance at 1018 following thru to post a high of 1022.2 then easing slightly to finish at 1018.2. Continued upside action will test cross zone resistance at +/- 1028. This area marks the extended weekly ATR reading. A close/hold above 1029 will set stage for an extended advance targeting 1052-1057. If, however,contract fails to hold up it will find support at around 1005. Beneath 1003 threatens to crack to 987 with underneath save level coming in at +/- 984.
Soybean Meal
As discussed in yesterday’s posting the meal contract rose and held above 330 and continued higher above first line resistance at 333 to post a high of 334.5 before backing off to finish at 332.5. It must be noted that because of the upward sloping nature of the resistance channel today’s high does in fact touch the level. Above today’s high market will sniff out 337-339. This keeps a lid on things. A close above sets up further gains extending to 352-356. In the event that meal stumbles here it will find support at +/- 328. A violation extends to .618 retracement at 325-323.5. Save level rest underneath at +/- 322. A close below will open door for an unwinding to +/- 310.
Soybean Oil
The oil contract rises above inner pitch fork line at 33.80 and manages to inch up to 34.11 falling short of targeted resistance level of +/- 34.50. If the market is able to hold above 33.70 it will target upper channel cross zone of 34.50-34.70. Overhead mid pitch fork resistance comes in at +/- 35.15. A trade below 33.70 will weaken to +/- 33.30. A hold below will target +/- 32.65.