Bears awoke to the smell of Coffee this morning, as prices plunged due to ideal harvest conditions in Brazil, weaker London Coffee prices, and speculative long liquidation. Large and small speculators were net-long over 17,000 coffee contracts as of the most recent Commitment of Traders report, and much of today's declines were attributed to liquidation sell-stops being triggered below 114.00 an 113.00 in the September contract. Today's fall to 5-week lows did spur some trade buying, which helped to curb further losses. Spillover selling was also seen from the London Robusta market, which posted its second consecutive day of losses. Support for September Coffee is seen at 109.50, with resistance found at 114.50. September Coffee closed at 111.15, down 4.25

Soybean futures rebounded to start the week, as stronger than expected exports and technically oversold conditions had traders in a buying mood. The session started out in the red, as lower Corn and Wheat prices pulled Soybeans into negative territory. However, the USDA reported sharply higher Soybean exports last week, coming in at 15.558 million bushels - well above last week's 6.150 million bushels and above analysts' estimates. In addition, talk on the floor that the USDA would be lowering its US Soybean acreage estimate was also deemed supportive for Bean prices. Traders reported moderate Soybean/Corn spreading as well, which also underpinned Bean prices. Traders are awaiting this afternoon's USDA crop progress report, with expectations that increased rainfall last week in the eastern Corn Belt has led to improved crop conditions. Support for November Soybeans comes in at Friday's lows of $8.25, with resistance seen at $8.47 1/2. November Soybeans closed at $8.38 1/2, up 7 3/4 cents.

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