JULY SOYBEANS
July soybeans on Friday closed higher and nearer the session high. The key “outside markets” were bullish soybeans Friday–higher crude oil and higher U.S. stock index futures prices, and a sharply lower U.S. dollar. Bulls have upside near-term technical momentum. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $11.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $10.50 a bushel. First resistance for July soybeans is seen at Friday’s high of $11.18 and then at last week’s high of $11.31.
First support is seen at Friday’s low of $10.98 1/2 and then at last week’s low of $10.85.
$16.50 ——– the contract high
$10.68 3/4 — 10-day moving average
$10.50 1/4 — 20-day moving average
$9.99 1/2 — 40-day moving average
$6.85 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
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JULY SOYBEAN MEAL
July soybean meal on Friday closed slightly lower and nearer the session low. Bulls still have upside near-term technical momentum. The next upside price objective for the bulls is to produce a close above solid technical resistance at $375.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $320.00. First resistance comes in at Friday’s high of $346.60 and then at last week’s high of $350.90. First support is seen at Friday’s low of $339.80 and then at $337.20.
$435.50 — contract high
$332.10 — 10-day moving average
$324.30 — 20-day moving average
$308.10 — 40-day moving average
$203.30 — the contract low
JULY SOYBEAN OIL
July soybean oil on Friday closed higher, nearer the session high, hit a fresh seven-month high and closed at a bullish weekly high close. The key “outside markets” were bullish for bean oil as Friday–higher crude oil and higher U.S. stock index futures prices, and a sharply lower U.S. dollar. Bulls have upside near-term technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 40.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 37.00 cents. First resistance is seen at Friday’s high of 39.69 cents and then at 40.00 cents. First support is seen at 39.00 cents and then at Friday’s low of 38.51 cents.
71.90 — the contract high
37.56 — 10-day moving average
37.06 — 20-day moving average
35.25 — 40-day moving average
29.23 — the contract low
