Soybeans May continued lower as predicted but unexpectedly broke support at 1380/78 to reach 1366/65. A good bounce from here has reached resistance at 1387/88 but the short term outlook is more positive today so we could continue higher to 1401/02. We should struggle here but a recovery as far as 1410/12 is not out of the question for a selling opportunity here today. Exit longs and try shorts with stops above 1416.
Failure to beat 1388 is more negative and risks a slide back to 1380/79. If we continue lower we should see 1372 and perhaps a retest of yesterday's low at 1366/65. Although oversold short term the daily chart outlook is still negative so a break lower cannot be ruled out and could target good support at 1354/52 for an excellent buying opportunity this week.