JULY SOYBEANS -- combined pit and electronic trading

July CBOT soybeans held minor support at $14.60 1/4, the April 15 low and bounced slightly higher Thursday. The market posted a consolidative "inside day" session in which the high and low remained within the previous day's range. A strong floor of support is building at the $14.60 zone and the bulls will attempt to hold the market above that area. Hourly momentum indicators are pointing higher and could support upside testing at least early on Friday. Initial resistance lies at $14.79 1/4. Gains above that ceiling would be needed to stabilize the recent weakness.

The primary trend is bullish, but the market formed a minor top and bearish reversal at the April 17 high at $15.21. The market is in the midst of a minor corrective and consolidative phase. If support at $14.60 gives way, further losses are possible toward $14.44-14.45.

$15.21 -- the contract high

$14.76 3/4 -- the 10-day moving average

$14.60 1/4 -- the 20-day moving average

$14.26 1/4 -- the 40-day moving average

$10.54 -- the contract low

JULY SOYBEAN MEAL -- combined pit and electronic trading.

July CBOT soymeal posted modest gains on Thursday, with a quiet inside day session. The market took a pause from the recent selling pressure. The longer-term primary trend is bullish, but in the near term the market is in a minor corrective phase. Important short-term support now comes in at $467.00. If that zone holds firm, look for prices to edge higher near term. However, if declines are seen under $467.00 would be a weak signal and would leave the market vulnerable to further losses toward $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

$471.90 -- the 10-day moving average

$468.10 -- the 20-day moving average

$454.10 -- the 40-day moving average

$293.30 -- the contract low

July SOYBEAN OIL -- combined pit and electronic trading.

July CBOT soybean oil closed slightly higher Thursday as the bulls fought back after the recent declines. The near term outlook remains weak and the burden is on the bulls to propel the market above the 10-day moving average as a first positive chart sign. If the market can stabilize back above the 10-day moving average it would suggest the bulls are regaining control. Thursday's low now offers support at 42.47, ahead of support at 42.01 cents, the April 11 low. Major resistance remains at 43.95 cents, the April 16 high.

57.43 -- the contract high

42.99 -- the 10-day moving average

42.26 -- the 20-day moving average

42.41 - - the 40-day moving average

37.14 -- the contract low