July Soybean futures settled sharply lower to mark their lowest closing level since early February, breaking cleanly below key moving averages including the 200-day indicator. The technical breakdown comes amid ongoing position liquidation from large speculators, who have been unwinding long positions as the market moved lower. This mass liquidation marks a final abandonment of the prior market narrative centered around potential emergency purchases of 8 million metric tons of U.S. soybeans by China. While weekly export sales data for both the 2025/2026 and 2026/2027 marketing years landed safely within consensus expectations, the neutral demand figures provided little support against the heavy technical selling pressure and clearing of long open interest.