Technical Analysis: US Soy Complex Futures - June 9

DOW JONES NEWSWIRES

JULY SOYBEANS
July soybeans on Tuesday closed weaker, near the session low and hit a fresh 3.5-month low.

Bears have the near-term technical advantage as prices Tuesday saw what could be the beginning of a bearish downside
"breakout" from the recent sideways trading range. The next downside price objective for the bears is pushing and
closing prices below solid technical support at the February low of $9.20.

The next upside technical objective for the bulls is pushing and closing May prices above solid technical resistance
at last week's high of $9.58 3/4.

First resistance for July soybeans is seen at this week's high of $9.39 and then at $9.50. First support is seen at
Tuesday's low of $9.26 and then at $9.20.

$15.70 ------- the contract high
$ 9.37 1/2 --- 10-day moving average
$ 9.43 1/2 --- 20-day moving average
$ 9.66 ------- 40-day moving average
$ 8.17 1/2 ---- the contract low

JULY SOYBEAN MEAL
July soybean meal on Tuesday closed weaker and nearer the session low. Bulls and bears are on a level near-term
technical playing field.

The next downside price objective for the bears is pushing and closing prices below solid technical support at the
June low of $269.40.

The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's
high of $284.00.

First resistance comes in at Tuesday's high of $279.70 and then at $282.00. First support is seen at $275.00 and then
at $273.00.

$395.00 --- contract high
$274.90 --- 10-day moving average
$275.70 --- 20-day moving average
$280.50 --- 40-day moving average
$233.70 --- the contract low

JULY SOYBEAN OIL
July soybean oil on Tuesday closed slightly higher, nearer the session low and saw tepid short covering in a bear
market.

Bean oil bears still have the solid overall near-term technical advantage. Bean oil bears' next downside technical
price objective is pushing and closing prices below solid technical support at 35.00 cents.

The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance
at last week's high of 37.85 cents.

First resistance is seen at 36.83 cents and then at 37.00 cents. First support is seen at this week's low of 36.41
cents and then at 36.00 cents.

68.25 --- the contract high
37.32 --- 10-day moving average
37.46 --- 20-day moving average
38.40 --- 40-day moving average
31.30 --- the contract low

-By Jim Wyckoff, contributing to Dow Jones Newswires

(Jim Wyckoff is a technical analyst and the proprietor of the analytical and educational advisory service, "Jim
Wyckoff on the Markets." He does not trade commodity futures. He can be reached at 1-319-277-8643 or by email at
jim@jimwyckoff.com.)

(END) Dow Jones Newswires
06-09-10 0800ET
Copyright (c) 2010 Dow Jones & Company, Inc.