July soybean futures experienced a decline after breaking down from a rising wedge pattern but found intraday support near the 50% retracement level. Market activity showed narrow strike widths for soybean options at 2 cents, while corn and wheat options had 1-cent wide strikes. There was notable selling of soybean call options, including a screen sale of 1,000 July 1220 calls at prices between 2.7 and 3.0. The July 1040 straddle traded at a volatility of approximately 14.0%, slightly up by 0.2%. Closing implied volatilities for soybeans ranged around 14%, with corn and wheat showing higher volatilities at 20.6% and 28.0%, respectively. Soybean premiums have increased by 25 cents since recent lows observed on May 23. Some traders closed short positions in May 2025 soybean contracts and initiated long positions in October 2025 contracts, reflecting a shift in market positioning amid these price movements.