Technical Analysis: US Soy Complex Futures-June 11

By Jim Wyckoff
Of DOW JONES NEWSWIRES

JULY SOYBEANS

July soybeans closed lower Thursday and nearer the session low as trading has been very choppy. The key "outside
markets" were in a bullish posture for soybeans Thursday, as the U.S. dollar index was lower and crude oil and the U.S.
stock indexes were higher. However, the bean market could get no benefit from them.

Bears have the near-term technical advantage.

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 $9.40 and then at $9.45. First support is seen at Thursday's low of
$9.30 1/2 and then at this week's low of $9.26.

$15.70 ------ the contract high
$9.38 3/4 --- 10-day moving average
$9.41 ------- 20-day moving average
$9.64 1/4 --- 40-day moving average
$8.17 1/2 --- the contract low

JULY SOYBEAN MEAL

July soybean meal closed weaker Thursday and nearer the session low after hitting a fresh five-week high early.
Bulls still have the slight near-term technical advantage in meal.

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 the April high of $296.70.

First resistance comes in at $285.00 and then at Thursday's high of $288.80. First support is seen at $280.00 and then
at $277.50.

$395.00 --- contract high
$277.50 --- 10-day moving average
$276.10 --- 20-day moving average
$281.00 --- 40-day moving average
$233.70 --- the contract low

JULY SOYBEAN OIL

July soybean oil closed steady Thursday and nearer the session low. The key "outside markets" were in a bullish
posture for bean oil, as the U.S. dollar index was lower and crude oil and the U.S. stock indexes were higher. However,
the bean oil market could get little benefit from them.

Bean oil bears still have the 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 37.00 cents and then at this week's high of 37.20 cents. First support is seen at
Thursday's low of 36.63 cents and then at this week's low of 36.41 cents.

68.25 --- the contract high
37.18 --- 10-day moving average
37.30 --- 20-day moving average
38.23 --- 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
06-11-10 0800ET
Copyright (c) 2010 Dow Jones & Company, Inc.