July soybean futures a selling opportunity on fresh price weakness.
See on the daily bar chart July soybean futures that prices have backed down from the recent contract high. It’s my bias that with corn and wheat bears presently in firm technical command, soybeans are due for some short-term selling pressure soon. A move below chart support at this week’s low of $14.75 in July soybeans would become a selling opportunity. The downside price objective would be $14.20, or below. Technical resistance, for which to place a protective buy stop just above, is located at $15.00. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grains.
