In May, the USDA used above trend line yields to forecast production and ending carries for soybeans. Then came the rains and producers holding long positions, as well as cash grain, went through a purging. July options expired June 23, and cycle timing along with Gann timing occurs from June 23 to June 27. This timing should stop the bleeding of soybeans. Look for a low no later that Tuesday's opening.
Technical indications are in very oversold territory on daily and weekly data.
China continues to shop for U.S. soybeans as well as for South American soybeans, with basis levels firming in both regions. In fact, I hear that China bought a cargo of U.S. soybeans for August shipment. This would put soybeans into their crushers nearing harvest. Hmmmm, perhaps the problems are very real. Demand has been very good.