From about last Friday, and into the July contract roll, soybeans is exhibiting some positive momentum and appears to have support from 1155.50~1168.75 area using simple Fibonacci measurements as showing in the inset chart. Soybeans are trading nicely lower off the overnight trade currently exhibiting signs of continuation down to the aforementioned support level. 

Soybean export bookings for the week past week are seen on wide range of 300-600K Metric Tons for old crop, with much lower numbers expected for new crop. The trade also estimates meal sales in a range of 100,000 to 450,000 MT in sales, with soy oil bookings at a net reduction of 5,000 to sales of 20,000 MT. While the May expiration contract is has not turned, this analysis is focused on the front month expiration.

Trade consideration

Preferred entry: 1164.50~1169.75

Direction: Long [Buy]

Suggested stop: 1150

Initial profit target: 1202.25

Chart