(X1) Remains Below Recent Highs

• RES 4: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
• RES 3: $1480.00 - High Jun 7 and the bull trigger
• RES 2: $1466.00 - High Jun 8
• RES 1: $1423.00 - High Jul 1
• PRICE: $1333.25 @ 13:12 BST Jul 7
• SUP 1: $1291.50 - Low Jub 30
• SUP 2: $1240.50 - Low Jun 17 and key short-term support
• SUP 3: $1200.00 - Psychological round number
• SUP 4: $1185.50 - Low Mar 30

Soybean futures remain soft. The rejection off the Jul 1 high of $1423.00 signals the possible end of the recent recovery. A stronger sell-off would reinforce this theme and expose the key near-term support at $1240.50. Clearance of this support would strengthen a bearish case allowing for a deeper move lower. On the upside, a break of $1423.00 is required to negate any bearish threat and resume the recent bull cycle.