July CBOT soybeans rose to a new contract high Wednesday, piercing psychological resistance at $15.00 on a closing basis. Soybean bulls pushed the market higher on signs of continuing strong demand for U.S.-oilseed supplies, which will pressure stockpiles that already are forecast to fall to their lowest level in a decade.

Technically, on the daily chart, the bulls are in control of the trend. The market has been climbing higher in a strong and steady uptrend pattern off the late-January low, and that trend remains intact. A near-term target lies at $15.20 1/4, the July 26, 2013, weekly continuation chart high.

Daily momentum studies, including slow stochastics and the relative strength index are both at overbought levels. However, during strong-trending markets, momentum can remain at overbought levels for days or even weeks. Nonetheless, it is a warning signal the market is vulnerable to correction at any time.

The moving-average outlook is bullish for July beans, with the market trading above the 10-day to the 200-day moving average. That is a bullish-trend-following signal.

On the downside, old resistance at the April 9 high at $14.90 now becomes support. Declines under that zone would be a weak signal.

$15.10     -- the contract high 
   $14.66 3/4 -- the 10-day moving average 
   $14.40 1/2 -- the 20-day moving average 
   $14.10 3/4 -- the 40-day moving average 
   $10.54     -- the contract low 
 
JULY SOYBEAN MEAL -- combined pit and electronic trading

July CBOT soymeal also rose to a new contract high Wednesday. The trend pattern is bullish and additional upside targets are seen at $490.00 and then $496.20 from the weekly continuation chart. The April 9 high at $478.70 is nearby support. Major support lies at $461.80, the April 14 low. As long as $461.80 remains intact, the bull-trend pattern is intact and higher levels are favored.

$481.20 -- the contract high 
   $469.30 -- the 10-day moving average 
   $462.00 -- the 20-day moving average 
   $449.20 -- the 40-day moving average 
   $293.30 -- the contract low 
 
July SOYBEAN OIL -- combined pit and electronic trading

July CBOT soybean oil moved higher Wednesday. The near-term trend pattern is positive. The bulls are targeting a retest of resistance at 45.10 cents, the March 7 swing high. On the downside, swing-low support is seen at 42.01 cents, the April 11 low. As long as that holds, the near-term focus will remain to the upside.

57.43 -- the contract high 
   42.51 -- the 10-day moving average 
   41.77 -- the 20-day moving average 
   42.18 -- the 40-day moving average 
   37.14 -- the contract low