Daily and Monthly Soybean Chart

Yesterday’s high was at $13.78, today we were unable to make new highs. That does give the chart a little bit of a toppy configuration but again its just one day and one day doesn’t make a trend. Nonetheless, it’s something we’ll want to monitor. Similar to corn, beans are at a new contract high on the daily chart so we need to look at a weekly or monthly chart to look at the next level of overhead resistance on the chart. On a monthly chart, it is clear to see this market is hit news, highest price going back to 2014. When we look at chart points $14.55, $15.36, $16.30, and $16.63 any of these seems to be fair game from a chart perspective. No clear single point to look at with the next level $14.50 somewhat of a double top in the 2011 timeframe.