JULY SOYBEANS -- combined pit and electronic trading

July CBOT soybeans popped higher Monday, but posted an "inside day" session, in which the high and low remained within Friday's range. Demand for U.S. supplies of oilseeds remains strong, which helped boost soybean prices Monday.

Technically, the market remains on the defensive, following last week's retreat from the new contract high at $14.90. Very short term, the market is trading between strong support at the $14.44-$14.42 zone, a period of daily congestion, and resistance in the $14.65-$14.70 area.

The weekly chart warns the bulls may need a period of consolidation or correction near term. If declines were seen under $14.42, it would be a short-term bearish signal. Next downside support under there lies at $13.94 1/2, the March 31 daily low.

The longer term primary trend is bullish for soybeans, and the market did recently confirm a breakout from a bullish continuation triangle formation that targets gains to the $15 area. But, daily momentum studies are mixed and may not support an immediate resumption of a rising price trend.

$14.90 -- contract high 
$14.57 -- 10-day moving average 
$14.31 -- 20-day moving average 
$14.02 1/4 -- 40-day moving average 
$10.54 -- contract low

JULY SOYBEAN MEAL -- combined pit and electronic trading.

July CBOT soymeal pushed higher Monday. The technical pattern is similar to the daily soybean chart. The primary trend is bullish. Short term, the market is vulnerable to a period of consolidation. Strong support lies at $460.80 and resistance lies at $470.90-$473.40. Gains through that resistance point would open the door for a retest of the contract high at $478.70. If declines were seen under support at $460.80 it would be a short-term bearish signal and suggest a minor correction period was beginning.

$478.70 -- contract high 
$467.20 -- 10-day moving average 
$458.80 -- 20-day moving average 
$446.50 -- 40-day moving average 
$293.30 -- contract low

July SOYBEAN OIL -- combined pit and electronic trading.

July CBOT soybean oil closed higher after an inside day Monday. The near-term uptrend pattern is positive. Nearby support lies at 42.01 cents, as long as that floor holds the bulls will remain in control near term. Resistance lies at 43.16 cents. Gains through that ceiling are needed to unleash a new up wave of market action, with an initial target at 43.83 cents.

57.43 -- contract high 
42.08 -- 10-day moving average 
41.65 -- 20-day moving average 
42.05 -- 40-day moving average 
37.14 -- contract low