September Soybeans
A choppy mild advance unfolds in the bean contract today. Prices hold slip zone to post moderate gains with high set at 1008.4 before easing to finish at 1004. Not a lot of structural clues made apparent to me. I’m left to focus on levels rather than wave analysis to gain any insight. Above 1005 sets base for advance to +/- 1019-1020. A press through reaches for 1027-1029. On the other hand, below 999.4 slips to test body line support at +/- 993.4. If level can’t hold look for follow thru to +/- 983. Big level here and market will have to safe itself to avoid any unraveling. Downside extreme projection comes in at roughly 953.
Soybean Meal
More unanswered questions in the meal market. A hold above 330.0 looks to press higher. First upside target comes in at +/- 333. A rise above eyes 338-339. A crack of 326 follows through to +/- 323. A hold or close below this level won’t look healthy. Projected downside target comes at in +/- 310.0.
Soybean Oil
The market will have to fortify 33.80 to setup any base for advance. If so expect an advance to unfold rising to +/- 34.6. A violation of 33.30 weakens to about 33.10. A failure here unwinds to 32.50-32.40.