Soybean futures tested range support amid weak export sales.

July Soybean futures tested critical technical levels, briefly dipping below the 50-day moving average before recovering to close within their recent consolidation range. Technical indicators like the relative strength index cooled to neutral levels following an overbought stretch. Fundamentally, U.S. farmers maintained a record-setting planting pace for soybeans despite localized rains, with corn planting also progressing smoothly. Meanwhile, macroeconomic crosscurrents weighed on the market, as shifting geopolitical tensions influenced trade flows. The week's export sales report disappointed, falling to a marketing year low of 142,000 metric tons. Looking ahead, market participants are eyeing the upcoming USDA report and bilateral trade meetings between the U.S. and China for further directional cues.