Futures Commentary and Analysis

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Soybean Complex: Kicking off the Week
John Lunney - IF - Mon Jul 17, 2:28PM CDT

September Soybeans

Tight 13 cent range established in the bean market today. Market sets low at 985.2 at the .618 retracement and prior iv wave low convergence level. A hold here will look to take out recent first wave's high at 999. First upside resistance level comes in at +/- 1010. A hold above 1013 sets up advance to 1.618 extension level and upper trend line convergence zone at +/- 1027. On the other side a slip below 984 looks to establish new recent low. Speed resistance line support comes in around 974. A violation extends to +/- 964.

Soybean Meal

Similar price action unfolds in the meal market. A hold of today's low looks to advance targeting +/- 332. A hold above 333.5 will set stage for further gains with initial target coming in at +/- 346. A slip beneath 322 will test save level at 320. A violation here unravels to +/- 311.

Soybean Oil

Oil contract will have to hold here to avoid further pressure. Save level st roughly 33.05. A violation here slides to 32.45-32.25. On the flip side a rise above 33.25 will reach for +/- 33.5. A hold above targets +/- 34.45.

John Lunney

Senior Technical Analyst

Walsh Trading

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jlunney@walshtrading.com

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