Soybeans May gave us our second buying opportunity at 1412/11 and were predicted to stage a short term one day recovery from here as far as 1429/30. A high for the day was expected here to exit longs and try shorts. This in fact is exactly what happened.
Over night we have broken lower to keep the market under pressure and should target 1396, possibly 1393/92. We are oversold short term so look for a low for the day here. However if we continue lower the 1380/78 area offers a short term buying opportunity.