Soybeans
Dominant timeframe structure remains bearish. Nearest downside support comes in at 925.0+-. Any follow thru targets 915-905. This area could produce a technical bounce. If so, a non-impulsive rally should play out and eventually give way to further weakness. Long term wave pattern suggest a downside objective to be fulfilled. Target zone extends to 825-750. A weekly close above 970 would suggest point to a modest advancement targeting +-1005.0.
Soybean Meal
As covered in yesterdays commentary meal outlook remains bearish. Continued pressure targets +-300.0. This area could potentially to produce a rebound . Next support level checks in at 270.0. A weekly close above 315.0 has potential to extend to 333-340.
Soybean Oil
Longer term wave structure suggest a downside bias (see commentary 5/23) . Nearest support in the short term comes in 31.5. A close below should trigger further pressure. A test of 26.5 would be likely. The longer term objective targets 23.o. Any recovery should reach for 35-36.