Soybeans

Technicals (July)
July soybean futures had an impressive rally on Thursday, taking prices up to the 50 and 100 day moving averages, which happened to align with the 50% retracement from the April lows to the May highs. The market not only fell flat here but straight up rejected it as prices proceeded to erase the whole rally in Friday's trade. It's tough to draw any conclusion from that price action with a high amount of conviction. With that said, if you tune out the noise and look at the levels, our support and resistance levels remain intact at 1170-1175 and 1199 1/2-1204. A breakout or break down from these levels could lend hand to the next directional move.

Friday's Commitment of Traders report showed funds were net sellers of 45.5k futures and options contracts, 37k of that coming on the short side and about 8.4k of that being long liquidation. That puts the Funds net position at short 59,741 contracts.

Bias: Neutral

Resistance: 1220-1225***, 1232 1/4-1236 3/4***
Pivot: 1199 1/2-1204
Support: 1170-1175***, 1140-1145****

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