JULY SOYBEANS -- combined pit and electronic trading.

July Chicago Board of Trade soybeans continued to press lower, closing down for the fourth session in a row on Wednesday. Soybeans weakened on speculation that U.S. imports of soybeans from countries including Brazil would increase amid forecasts for the lowest domestic ending stockpiles in a decade.

Technically, the market is under the influence of the April 17 bearish reversal and the near-term trend is vulnerable. The major trend is bullish, but in the very short term, a minor top has formed at the April 17 high at $15.21 and further losses are possible.

Wednesday's session saw July beans stall at minor support at $14.60 1/4, the April 15 low. That floor could act as a short-term stalling point. But, if it gives way, there is little standing in the way of a retest of major chart support at $14.44-14.45, the daily lows from mid-April.

Daily momentum studies have turned bearish and are pointing lower.

Initial resistance lies at $14.79 1/4. Gains above that ceiling would be needed to stabilize the recent weakness.

$15.21     -- the contract high

$14.77 1/2 -- the 10-day moving average

$14.57 1/4 -- the 20-day moving average

$14.24     -- the 40-day moving average 
   $10.54     -- the contract low

JULY SOYBEAN MEAL -- combined pit and electronic trading.

July CBOT soymeal closed slightly lower Wednesday. The technical outlook remains the same. The longer-term primary trend is bullish, but in the near term the market is in a minor corrective phase.

Modest buying interest was seen near the lows on Wednesday and the market could be stabilizing around minor support at $468.00. Declines under $467.00 would be a weak signal and would keep the bears focused on a retest of major support at $461.80, the April 14 low.

On the upside, minor resistance lies at $475.50 and then $479.30 ahead of the contract high resistance at $485.

$485.00 -- the contract high

$472.10 -- the 10-day moving average

$467.30 -- the 20-day moving average

$453.30 -- the 40-day moving average

$293.30 -- the contract low

JULY SOYBEAN OIL -- combined pit and electronic trading.

July CBOT soybean oil slid lower as the bulls are losing control. The market closed below a very steep rising trendline drawn on the daily chart off the March 31 daily low.

Look for the bears to press toward a test of support at 42.01 cents, the April 11 low. Important resistance remains at 43.95 cents, the April 16 high.

57.43 -- the contract high

43.02 -- the 10-day moving average

42.17 -- the 20-day moving average

42.38 -- the 40-day moving average

37.14 -- the contract low