July soybeans on Friday closed firmer and near mid-range. The key "outside markets" were bullish for soybeans Friday, as the U.S. stock indexes were firmer, crude oil prices were higher and the U.S. dollar was sharply lower. Bulls do still have the near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $12.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $11.00 a bushel. First resistance for July soybeans is seen at Friday's high of $11.93 and then at last week's high of $12.00 3/4. First support is seen at Friday's low of $11.75 1/4 and then at $11.64.

$16.50 -------- the contract high
$11.68 1/2 --- 10-day moving average
$11.41 -------- 20-day moving average
$10.78 3/4 --- 40-day moving average
$6.85 -------- the contract low

Source: VantagePoint Intermarket Analysis Software

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July soybean meal on Friday closed weaker, nearer the session low and closed at a bearish weekly low close. Profit-taking pressure from recent gains was featured. Meal bulls do still have the near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at $400.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $365.00. First resistance comes in at $385.00 and then at Friday's high of $388.50. First support is seen at Friday's low of $379.80 and then at $375.00.

$435.50 --- contract high
$377.00 --- 10-day moving average
$361.80 --- 20-day moving average
$336.90 --- 40-day moving average
$203.30 --- the contract low

July soybean oil on Friday closed sharply higher, near the session high, hit a fresh two-week high and closed at a bullish weekly high close. The key "outside markets" were bullish for bean oil Friday, as the U.S. stock indexes were higher, crude oil prices were higher and the U.S. dollar was sharply lower. Bean oil bulls have the near-term technical advantage and regained upside momentum on Friday. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the May high of 40.20 cents. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at last week's low of 36.75 cents. First resistance is seen at 39.25 cents and then at 39.50 cents. First support is seen at 38.75 cents and then at 38.50 cents.

71.90 --- the contract high
37.30 --- 10-day moving average
38.49 --- 20-day moving average
37.30 --- 40-day moving average
29.23 --- the contract low

July corn on Friday closed higher, near the session high, hit a fresh 4.5-month high and closed at a bullish monthly high close. The key "outside markets" were bullish for corn Friday, as the U.S. stock indexes were higher, crude oil prices were higher and the U.S. dollar was sharply lower. Corn bulls have the near-term technical advantage and gained fresh upside momentum on Friday. Prices are in a five-week-old uptrend on the daily bar chart. The bulls' next upside price objective is to push and close prices above solid technical resistance at the January high of $4.49 1/4 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at $4.06 1/4 a bushel. First resistance for July corn is seen at Friday's high of $4.37 and then at $4.40. First support is seen at Friday's low of $4.27 and then at last week's low of $4.21 3/4.

$8.26 -------- the contract high
$4.26 1/2 --- 10-day moving average
$4.21 3/4 --- 20-day moving average
$4.08 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low

July Chicago wheat on Friday closed higher, near mid-range, closed at fresh 4.5-month high close and closed at a bullish weekly high close. However, wheat futures prices have become overdone on the upside, technically, and are due for a corrective pullback soon. Wheat futures bulls do still have the near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at $6.00. Bulls' next upside price objective is to push and close July futures prices above solid technical resistance at $6.50 a bushel. First resistance is seen at last week's high of $6.46 1/4 and then at $6.50. First support lies at $6.30 and then at Friday's low of $6.25.

$11.44 3/4 --- the contract high
$6.06 3/4 --- 10-day moving average
$5.91 1/4 --- 20-day moving average
$5.64 3/4 --- 40-day moving average
$4.48 -------- the contract low

July KCBT wheat on Friday closed higher, near the session low, closed at a fresh eight-month high close and closed at a bullish weekly high close. Bulls have the solid near-term technical advantage. However, this market is also short-term overbought, technically. Prices are still in a six-week-old uptrend on the daily bar chart. The bulls' next upside price objective is pushing prices above psychological resistance at $7.00. The bears' next downside objective is pushing and closing prices below solid technical support at $6.40. First resistance is seen at last week's high of $6.95 1/4 and then at $7.00. First support is seen at Friday's low of $6.86 and then at $6.75.

$11.35 -------- the contract high
$6.58 -------- 10-day moving average
$6.39 3/4 --- 20-day moving average
$6.12 1/2 --- 40-day moving average
$4.60 -------- the contract low