Soybeans
Commitments of Traders Update: Friday's CoT report showed Managed Money were net sellers of 25,717 futures/options contracts through July 12th. Majority of this was long liquidation, 17,257 contracts. This shrinks the net position of Managed Money to 95,711 contracts.
Technicals (August) : Soybeans have been frequent flyers of the 200-day moving average recently, which has held as good support. Futures are higher in the early morning trade, testing the upper end of the back half of last week's trade. If the Bulls can sustain this momentum through the open, we could see an extension towards the psychologically significant $15 handle and above that, our congestion pocket near 1515.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1495-1505****, 1513 ¼-1516 ½***, 1530-1538***, 1552 ¾-1560***
Pivot: 1452-1461 ¼
Support: 1413 3/4-1424 1/4***, 1400-1403****
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