JULY SOYBEANS -- combined pit and electronic trading

July CBOT soybeans soared to a new contract high Tuesday. The primary trend remains bullish and the market is within striking distance of a psychological target at $15.00, and that area also represents a bullish triangle objective. July beans have rallied away from the $14.44-$14.42 zone, a period of daily congestion, and that now stands as major support for the market.

Daily momentum studies are either at or near overbought levels, which is a red flag warning sign. But, during strong trends, momentum can remain overbought for days or even weeks. Drilling down to the hourly chart, hourly momentum is overbought and the market could see some "backing and filling" very short term. Initial support lies at $14.76 3/4.

The trend is bullish. But, momentum continues to show some warning signals.

$14.93 3/4 -- the contract high

$14.60 -- the 10-day moving average

$14.35 3/4   -- the 20-day moving average

$14.06 1/4 -- the 40-day moving average

$10.54 -- the contract low

JULY SOYBEAN MEAL -- combined pit and electronic trading.

July CBOT soymeal shrugged off the recent weakness and bounced higher Tuesday. The contract is within striking distance of contract high resistance at $478.70. The trend pattern has been solidly bullish for soymeal since 2014 began. An uptrend pattern is seen on the daily chart and dips have been short-lived and used as buying opportunities. The trend pattern points to higher gains ahead. The weekly continuation chart reveals a bullish objective at $490.00 and then $496.20. A strong zone of daily support is seen at $460.80.

$478.70 -- the contract high

$467.70 -- the 10-day moving average

$460.40 -- the 20-day moving average

$447.70 -- the 40-day moving average

$293.30 -- the contract low

July SOYBEAN OIL -- combined pit and electronic trading.

July CBOT soybean oil punched higher as the near term trend pattern continues to favor the bulls. The market is rallying away from initial support at 42.01 cents, which is a positive signal. July bean oil is testing resistance at 43.16 cents, the April 9 high. Sustained gains through his area are needed to unleash a new up wave of market action, with an initial target at 43.83 cents. Near term trend is bullish, medium term trend is bullish.

57.43 -- the contract high

42.22 -- the 10-day moving average

41.68 -- the 20-day moving average

42.11 - - the 40-day moving average

37.14 -- the contract low