The continuous monthly chart for November soybeans is an interesting study, with this past June’s activity the template for what crude oil did during July. Note last month Nov beans posted an outside range, looking to be in position for a bearish key reversal, before rallying to close the month higher at $13.99. However, the 2021 contract failed to find follow-through buying interest during July as it posted an inside trading range before closing the month at $13.4925, down 49.75 cents from June. This gives the contract the look of a spinning top, with pressure coming from noncommercial long-liquidation and support tied to long-term bullish fundamentals indicated by an inverted futures market forward curve as far as one wants to look. Initial major (long-term) support heading into August is the previous 4-month low of $12.4050 from June.